This article is from the Australian Property Journal archive
A LOCAL buyer has snapped up a 1,963 sqm commercial landholding in Melbourne’s Camberwell for $10.050 million, outbidding numerous offshore and local buyers.
Six adjoining retail and commercial freehold buildings make up the 398-410 Burke Rd property, within the boutique South Camberwell Retail Village, near Stockland Tooronga Shopping Centre, Camberwell Junction, and Monash Freeway.
The site is 50 metres from Epworth Camberwell hospital, and has 44 metres of retail frontage onto Burke Rd, along with lane access via Toorak Rd and side access.
Savills agents Jesse Radisich, Nick Peden, and Benson Zhou negotiated the deal via expressions of interest, achieving a tight yield of 1.65% and a land rate of $5,120 per sqm within one week following the campaign close.
Radisich said numerous international and local buyers were attracted to the site’s significant existing rental income, prime location, development potential, and the scarcity of the offering in terms of scale.
“In a very positive sign of strength in the market, a cashed up local buyer was able to outbid strong off-shore and other local interest, with an incredibly short settlement period of just 23 days.”
Peden buyers continue to compete aggressively with very strong terms in order to secure premium opportunities.
“The property is located in a commercial 1 zone, and the current owner was very deliberate in not putting in place any long term leases at the property which would restrict short term development potential.
“This of course makes the site ideal for a prime mixed-use development in the near future. Rarely is a site of this scale offered to the market within a prime retail strip.”
