This article is from the Australian Property Journal archive
AN office property in Melbourne's eastern suburb of Burwood East has sold for $870,000 – 45% above the reserve, by agents Teska Carson.
Teska Carson’s Anthony Choi and Michael Taylor sold the property at 1-3 Ruby St via auction to a Melbourne accountant.
The property was sold with vacant possession by a private investor.
Choi said there were four bidders and they were all owner-occupiers as low interest rates continue to drive strong interest in owning over leasing.
“The property drew strong interest from the local market during the marketing campaign with 23 genuine enquiries.
“The three under-bidders were all owner-occupiers who saw value and the potential to renovate and refit the premises. Low interest rates have provided a great opportunity for both owner-occupiers and investors to get into the commercial property market. The rates are as low as they have been for some time and increasingly astute purchasers are taking advantage of that situation,” Choi said.
Improvements include a single level 300 sqm office building with 14 on-site car spaces, on a 360 sqm site.
Australian Property Journal
