This article is from the Australian Property Journal archive
A LOCAL investor has acquired a retail shop within Northcote Plaza in Melbourne’s inner north for $1.1 million at auction.
Shop 16 has an open-plan, single level space of 93sqm with dual frontage and floor to ceiling windows
It attracted a crowd of more than 40 and several bidders at auction, selling with vacant possession at a floor rate of $11,815 per sqm.
Fergus Evans, Luke Bisset and Adrian Boutsakis of Teska Carson sold the property.
“Demand for this type of retail asset has been very high recently and especially over the last 18 months as some potential purchasers have been priced out of Melbourne’s hot residential market,” Evans said. “The key attraction has been the strong fundamentals, in this case the position within a well-established, enclosed centre, with an enormous catchment and excellent exposure.”
Northcote Plaza is anchored by Coles and Kmart and has no vacancies among its 60 specialty retailers, which include OPSM, Specsavers and Bank of Melbourne. The centre has 900-plus car spaces.
Australian Property Journal
