This article is from the Australian Property Journal archive
A LOCAL investor has purchased a retail and residential property within the Dingley Village precinct for $680,000 under the hammer.
The vacant 200sqm 4 Pauline Avenue property in Melbourne’s south-eastern bayside area comprises a single-level shop with a self-contained residence at the rear, with two street frontages.
Teska Carson’s Anthony Choi and George Takis sold with the property on behalf of a private investor, with the sale price reflecting a land rate of $3,400 per sqm.
“This was an excellent result for the vendor with three bidders from a crowd of 40 owner-occupiers and investors competing for a well located property with strong growth prospects and potential redevelopment upside,” Choi said.
He added that the premises previously traded as a milk bar and was currently fitted out for retail occupation, however it was suitable for other uses such as food, speciality retail or office, subject to council approval.
Takis said the presented a great opportunity for the small/entry level investor.
Australian Property Journal
