Legion Cab Site Sells For $18million

One of the rarest commercial sales of the year drew a crowd of over 200 today to Ray White’s auction room in Sydney.

The site on Foveaux Street in Surry Hills has long been the headquarters for Legion Cabs and will be a greenfield site for today’s purchaser.

Bidding started at $9.88million with three parties pushing the price quickly beyond $13million. Auctioneer James Price sold the property at $18million.

“We’re very pleased with the result which will no doubt benefit our members [shareholders]. It’s a credit to the hard work and expertise of Ray White particularly Dan (White),” Maroun Ajaka of Legion Cabs said.

“There’s a lot of history, we’ve been there exactly 50 years. and The company has been around for 66 years.”

“Nonetheless, time to move on. Exciting times ahead for Legion Cabs.”

The Wolli Creek site is three times the size of the Foveaux Street site. “It allows us to have a lot more onsite services.”

The 1,370m2 property at 69-81 Foveaux St, represents one of Surry Hills’ largest ready-to-develop sites, with flexible zoning permitting a range of uses. Ray White was appointed as exclusive agent with Dan White, Andrew Jolliffe of Ray White Hotels and Marcello Bo of Ray White Projects marketing the site.

“Under the new Sydney LEP, the site can be developed for a whole range of uses including a residential development, an educational institution or corporate headquarters. It could also be developed into a hotel or pub,” Dan White, director of Ray White, said.

“It’s in a fantastic location, close to Central Station and the city. As we expected the site has attracted a lot of interest.”

Legion Cabs has undertaken extensive pre-sale activity to prepare the property for sale, given its use as a taxi headquarters and service station over a long period of time, enabling the site to now be attractive to other industries.

Legion Cabs has committed to a new headquarters in Wolli Creek and will be making the move over the next 12 months.

Source: www.raywhite.com