RARE CBD CAR SPACES NEAR OPERA HOUSE COULD FETCH $2 MILLION

It’s the real estate unicorn of Sydney – an inner city car space. Having a private place to park in the CBD is almost as rare as gold dust, but a current listing is offering a sextuplet of scarce spaces with multimillion-dollar potential.

The unusual sale is for six secure car spaces on a single title at 2 Phillip St, Sydney, adjacent to bustling Circular Quay.

Positioned within metres of the Opera House, Botanic Gardens, Bennelong Apartments and Opera Residences, the parking is also beside a sea of elite harbour front eateries in the popular precinct, including Matt Moran’s Aria, and Peter Gilmore’s Quay as well as Bennelong.

Located under The Quay, a 29-storey residential building beside Circular Quay train station and ferries, the spaces have direct street access and measure a total of 85 sq m on title.

The parking spots will go under the hammer all in one line on May 16 at an on-site auction, which could generate interest of more than $2 million, says listing agent James Cowan, head of NSW investment services at Colliers.

“This is a tightly held and undersupplied asset class in the CBD,” he says.

“Reduced on-street parking, coupled with construction, rezoning, and conversions, has all contributed to a critical shortage of car spaces. This scarcity is expected to drive strong interest during the auction campaign.”

Despite the princely sum, if the spaces meet price expectations, each spot would still cost less than the current record for an individual space in Sydney.

That crown goes to a 30 sq m lock-up garage on Roslyndale Ave in Woollahra. It reportedly sold for a head-turning $500,000 in June of last year to a family that had spent $6 million on a nearby house without an enclosed parking garage.

Other pricey sales include a Notts Avenue, Bondi Beach car space, which was snapped up for $304,700 in January last year, and an undercover single-car park on Onslow Avenue in Elizabeth Bay that fetched $249,000 in February 2019.

Cowan and his co-agent Cameron Colquhoun believe the prime location is behind the already high level of inquiry and conversations with potential buyers, pointing to the $2 million figure.

“The prestige and amenity of the surrounding precinct enhances the appeal to both investors and owner-occupiers,” Colquhoun says.

In addition to the dress circle position beside some of Sydney’s most iconic landmarks and fine dining venues, the spaces are also next to the historic Royal Automobile Club of Australia on Macquarie St, making it a dream destination for car connoisseurs and collectors who want to secure their vehicles in the heart of the city.

Six inner city parking spaces at lot 51, 2 Phillip St, Sydney will go to auction on-site on Friday, May 16 at 10.30am with Colliers.

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RARE CBD CAR SPACES NEAR OPERA HOUSE COULD FETCH $2 MILLION

Six ultra-rare car spaces near Circular Quay are set to fetch millions at auction in one of Sydney’s tightest property plays.

Atlas Real Estate is reimagining how people connect with property, combining listings, market insights, local stories and lifestyle content in one destination for those buying, selling or simply exploring the market.