This article is from the Australian Property Journal archive
MELBOURNE'S commercial property market recorded $5.67 million worth of transactions in the past seven days.
According to the REIV, there were nine listings across Victoria which resulted in seven sales whilst two properties were passed in.
The most expensive property sold was at 383 Johnston Street, Abbotsford by agents Teska Carson. The 660 sqm mixed office showroom and apartment sold fetched $2 million before the auction.
At auction, two properties were sold totaling $1.74 million comprising a development site at 34-36 Cook St, Flinders. Agents Sutherland Farrelly sold the 2,023 sqm site for $1.26 million. The second sale was a 320 sqm retail property at 789 Glenhuntly Road, Caufield for $485,000 by Jarrel Estate Agents.
Meanwhile there were four private sales totaling $1.93 million. In the order of value, Teska Carson sold the most expensive commercial property at Adolph St, Richmond for $1.05 million; followed by Raine and Horne which sold a 250 sqm development site in Sunbury for $350,000.
Agents Dungey Carter Ketterer sold a commercial property at 27-29 High St, Eaglehawk for $240,000 and Beller Commercial sold a 620 sqm development site on Northern Rd, Heidelberg for $290,500.
Two properties were unsuccessful at auction – both passed in on vendor bid. The first property is a 908 sqm development site at 13 Lacey St, Croydon which was passed in at $780,000 and the second asset was a commercial property at 27-29 High St, Bendigo which was passed in at $575,000.
Australian Property Journal
