This article is from the Australian Property Journal archive
A PRIVATE investor has paid $1.225 million for a stand-alone retail and residential property at Kensington in Melbourne’s inner north-west.
Teska Carson’s Anthony Choi and Fergus Evans sold the property via auction and said there were four bidders from a crowd of 60 plus, which resulted in the property selling for $125,000 over the vendor’s reserve.
“This was a property located in a tightly held strip with a low vacancy rate in an area earmarked for intensive urban revitalization under the Arden-Macaulay structure plan.
“Add the CBD fringe location and you have a property which is going to tick most boxes for savvy investors,” Choi said.
The 513 Macaulay Rd property comprises a solid brick shop and dwelling of 136 sqm on a 103 sqm site.
Evans said Kensington had become a sought after suburb with a level of demand that was driving a flourishing gentrification process including high profile residential and commercial developments.
Australian Property Journal
