This article is from the Australian Property Journal archive
THE Tandoori Den restaurant in Camberwell in Melbourne’s east has sold under the hammer for $2.509 million – more than $750,000 above the reserve on a yield of 2.34%.
Fitzroys’ David Bourke and Chris James handled the sale of the 261 Camberwell Rd Camberwell. They said the auction attracted 290 bids and eventually sold for more than $750,000 above the reserve and reflecting a land rate of $12,400sqm.
Bourke said five bidders competed at the auction after the campaign received strong enquiry from local and offshore buyers.
“Well-located properties throughout Melbourne’s retail strips with quality tenants continue to attract strong demand from prospective buyers,” he added.
James said the Camberwell Junction precinct has been the beneficiary of increased residential development on its doorstep.
“There is an estimated 1,500 new apartments about to come online or in the pipeline around Burke Road and Camberwell Junction, with a new 12-storey apartment tower near Aerial the latest development to be approved,” James said.
The 180sqm part-two storey building occupies a 202 sqm site and was sold with a secure 5+5+5+5-year lease to Tandoori Den at a building rate of $13,939 per sqm.
The agents said the sale caps of a strong fortnight for the agency in Camberwell with the sales of the Bendigo Bank branch at 4 Prospect Hill Rd selling for $7.03m (4.2%) and the NAB at 1397 Toorak Rd Camberwell selling for circa $3.5m (4%).
Australian Property Journal
