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A building in Sydney’s Chinatown held by the same family for 100 years has sold at auction for almost $20 million.
The 342-square-metre site, at 82-84 Dixon Street, Haymarket, sold to an unnamed local investor at Knight Frank’s latest ”Exclusive Auction”, attended by more than 100 people on Wednesday.
It was the first freehold property to sell on Dixon Street in 35 years, said listing agent and head of Asian markets Australia Dominic Ong.
“Chinatown is a tightly-held area and opportunities like this don’t come along very often. The last standalone property to sell on Dixon Street, Pedestrian Lane, was some 30 years ago, and this property has been with the same family for about 100 years,” Mr Ong said.
Bidding for the property opened at $10 million and bids initially increased in $1 million increments before the hammer fell at $19.9 million. The auction lasted just nine minutes, meaning the price rose more than $1 million a minute.
A reserve price for the property was not disclosed, although it was confirmed on the market at $18 million.
Mr Ong said the buyer was currently in negotiations with the existing owner to lease the building.
Current tenants of the building include Hingara Chinese Restaurant and Live Crafts Centre.
The three-storey building, with 983 square metres of lettable space, also includes upstairs accommodation.
The building is located in the heart of Chinatown, in the tightly held Dixon Street. Photo: Supplied
Eight bidders fought for the property in an electric auction, where $1 million bids were the norm.
The campaign had attracted approximately 180 inquiries, with bidders flying in from Hong Kong, Singapore and China for the auction.
Mr Ong said that the level of interest in the market was clear from the result.
“The strength of the market is showing, (there is) a lot of interest, and it’s good to see that the property sold to a local buyer,” he said.
The vendors, who had listed the property on the market as it was “time to move on”, were pleased with the result.
“The seller is very happy with the result, and the buyer is very happy that they bought something which is not normally available in this marketplace,” Mr Ong said.