This article is from the Australian Property Journal archive
TWO Aspendale shops, offered for the first time in 60 years, have sold for 43% above the reserve after attracting 12 interest parties at auction.
Fitzroys agents Tom Fisher and Mark Talbot sold 133 and 134 Station St have sold separately at auction for a combined $1.23 million.
Both properties have a 77 sqm building on 195 sqm of land, with a large public car park at the rear. The first property, 133 Station St, is leased to Sammy’s Pizza Boys until 2023 with two further terms of three years and returning $21,480 per annum plus outgoings, while 134 was offered vacant.
“We received outstanding interest from investors and developers for these two well presented assets, which are positioned in a tightly held suburban strip with minimal
vacancies and excellent future upside,” Fisher said.
“The depth of enquiry, which ultimately led to 12 bidders at auction and a sale price 43% above reserve, reflected the property’s strong fundamentals, and the ongoing appetite investors have for well-located suburban retail strip assets.
Talbot said the strip’s tightly held nature and strong performance was evident in the vendors having held the asset for six decades. The transaction follows Fitzroys’ recent success in August when a vacant freehold corner building in Dromana was also sold at auction for a staggering $2.22 million.
