New South Wales properties worth more than US$11 million were sold in an auction garnering strong interest from investors.

One of the stronger results of CB Richard Ellis's last Going Going Gone portfolio campaign for the year was the sale of a substantial development site located in Wagga Wagga. The 7,576 square meter site has received approval for a bulky goods center and sold under thehammer for US$1.4 million.

CBRE's Nick Lane in conjunction with Knight Frank's Jill Toohey negotiated the sale of the 2-10 LakeAlbert Road property. Lane said the prime corner location attracted solid interest throughout the marketing campaign."The property offers significant exposure to a major intersection and is surrounded by quality retailers including Harvey Norman and Fantastic Furniture," Lane said.

The property was one of seven assets sold through the Going Going Gone campaign. Similarly strong interest was shown for four industrial lots located in Enfield/Greenacre. An unnamed purchaser acquired Lot 10 - a 6,894 square meter site located at 1-7 Juno Parade - for US$2.75 million while Lot 15, 1-7 Juno Parade, which has a site area of 6,477 square meters, also sold for US$2.75 million to another unnamed bidder.

Other properties sold under the hammer included sales included a two level commercial building located at 217 Eastern Valley Way, Middle Cove. CBRE's Tim Grosmann and Nicholas Heaton steered the US$1.28 million sale to a local private investor.

"The property is comprised of three ground floor shops with two first floor commercial tenancies alloffered with vacant possession," Heaton said.