This article is from the Australian Property Journal archive
A TWO-storey building at Glenferrie Rd Hawthorn in Melbourne's east, has been sold auction for $5.62 million by agents MP Burke, $600,000 above the reserve price following competitive bidding from private investors.
MP Burke’s directors Pat Burke and Michael Pound sold the property at 694-696 Glenferrie Rd.
Burke said the property attracted over 60 enquiries and on the day there were three contenders, and the auction attracted over 50 bids.
It was sold to a private investor for $5.62 million, $600,000 above the reserve price, on a yield of 4.5%.
Burke said it was a very strong result and the sale demonstrates the demand for well located properties.
“The property occupies what could be described as the best retail corner along Glenferrie Rd Hawthorn, amongst numerous national retailers including Coles, Safeway and McDonald’s, ANZ, Westpac, Commonwealth Bank and NAB,” the agents said.
The property comprises a two storey Victorian style retail and commercial building with a net lettable area of 314 sqm with four on site car parks at the rear.
It has four ground floor retail tenancies including major tenant Vodafone and Cacao Green. The first floor comprises four boutique office tenancies, and is currently returning $304,657 p.a.
Property Review
