This article is from the Australian Property Journal archive
A LOCAL developer has outbid investors and owner occupiers for a vacant shop and dwelling in Melbourne’s bayside suburb of Gardenvale, paying $1.63 million at auction.
George Takis and Michael Taylor of Teska Carson sold 113 Gardenvale Road under the hammer, some $230,000 above reserve following competition between five bidders.
The 240 sqm two-level building has retail, office and storage space and is on a 286 sqm site zoned Commercial. It also has four parking spaces and rear access via Begoria Road.
Takis said the rejuvenation of the local retail and commercial precinct with new, high calibre developments and an abundance of retail amenity had been a strong endorsement of the location.
He said a strong response from developers looking for opportunities to capitalise on the current demand in a tightly held location was expected.
Taylor said strong local and offshore investment in Gardenvale was a further indicator of its desirability and investment credentials.
The nearby retail and showroom property at 103 Gardenvale Road, on the corner of Nepean Highway, recently sold for $1.635 million with Commercial 1 zoning and redevelopment potential.
Australian Property Journal
