Bumper week for commercial sales

ONLY two commercial properties failed to sell out of 30 that were listed in Melbourne last week.

According to the REIV, the two properties that were passed in were both retail buildings. The first property at 760-764 Heidelberg Rd, Alphington and was passed in at auction at $910,000. Although agents Raine and Horne Brunswick received a late offer of $970,000 but it was nowhere near the reserve price of $1.2 million.

 

The second asset, a 70 sqm outlet at 19/471-475 Sydney Rd, Coburg was passed on vendor bid at $450,000.

 

Meanwhile 11 properties sold at auction totaling $7.6 million with Teska Carson selling the most expensive investment, a 1,165 sqm commercial land development at 484 Swan St, Richmond for $3.32 million.

 

Five properties were fetched over half a million including:

·         a retail property at 21 Claremont Ave, Malvern for $715,000 by Beller Commercial

·         $600,000 for a 336 sqm retail land at 347 St Georges Rd, Fitzroy North by Thomas A Riddell

·         $575,000 for 100 sqm retail land on 41 Whitehorse Rd, Balwyn by Gross Waddell

·         948 sqm land at 32 Dingley Ave, Dandenong for $539,000 by Facey Industrial Commercial

·         And a 107 sqm retail building at 3/27 Watsonia Rd, Watsonia for $531,000 by Miles RE

 

The remaining auction sales were;

·         $491,000 for 102 sqm of land at 15 Doon St, Phahran by Biggin and Scott

·         Miles RE sold a 82 sqm commercial building at 2/27 Railway Pl, Fairfield for $330,000

·         Hodges got $321,000 for a commercial land at 2/2-8 St Andrews St, Brighton

·         And Cantwells Property sold commercial land on 307/737 Burwood Rd, Hawtorn for $170,000

 

One transaction was made after auction, the sale price of a commercial property at 113-115 Victoria St, Fitzroy by Nelson Alexander was undisclosed.

 

Meanwhile 14 private sales dominated the market totaling $8.61 million, including four million dollar plus transactions.

 

The properties which fetched over $1 million;

·         4,100 sqm commercial land at Talinga Rd, Cheltenham for $1.35 million by Nichols Crowder Property Solutions/WB Simpson and Son

·         1,238 commercial land at Gaffney St, Coburg for $1.5 million by ICR Property Group

·         A retail building and 100 sqm land at Upper Heidelberg Rd, Ivanhoe for $1.15 million by Miles RE

·         And a retail property at Stephensons Pl, Mount Waverley for $1.02 million by Ray White

 

The other private sales were;

·         $365,000 for 415 sqm land at Cave Hill Rd, Lilydale by Methven Professionals

·         $270,000 for 205 sqm land at Shearson Cr, Mentone by Nichols Crowder Property Solutions

·         $570,000 for 215 sqm retail building at Murrumbeena Rd, Murrumbeena by Sutherland Farrelly

·         Building and 566 sqm land totaling 1,116 sqm for $330,000 at Everist Rd, Ocean Grove by Hayden Real Estate

·         $790,000 for 1,000 sqm site at Allied Dr, Tullamarine by ICR Property Group

·         $456,500 for industrial property at Wedgewood Rd, Hallam by Facey Industrial Commercial

·         $230,000 for a 57 sqm commercial building at Jells Rd, Wheelers Hill by Nichols Crowder Property Solutions

·         $207,000 for 50 sqm commercial building at Jells Rd, Wheelers Hill also by Nichols Crowder Property Solutions

·         $390,000 for 80 sqm building at Railway Pl, Fairfield by Miles RE

·         $330,000 for 73 sqm building at Railway Pl, Fairfield also by Miles RE

 

Finally there expressions of interest for two properties, both offered by Nichols Crowder Property Solutions including a 696 sqm site at 338 South Rd, Hampton East for $1.2 million and a 1,770 sqm land at 951-955 Dandenong Rd, Malvern East for an undisclosed price.

 

Australian Property Journal