This article is from the Australian Property Journal archive
A RETAIL property at Mooney Ponds in Melbourne’s inner north-west has sold at auction for $1.73 million – 33% above the reserve.
Fitzroys agents Terence Yeh and Dean Alexander sold the 636 Mount Alexander Road property under the hammer for a $430,000 premium following strong competition from four bidders.
It was eventually sold to an owner-occupier. The sale price of the 312sqm site represented a land rate of $5,545 per sqm.
Yeh said the property had attracted interest from a variety of interest groups.
“The property has a Commercial 1 zoning and a combined frontage of more than 40 metres, allowing a number of attractive outcomes for the site,” he added.
He said the purchaser would use the property as passive investment for the time being.
Australian Property Journal
