This article is from the Australian Property Journal archive
AN owner occupier has paid $2.455 million for a former Westpac bank branch in Lalor.
Fitzroys agents Terence Yeh and David Bourke sold 322-324 Station Street following a successful auction campaign that attracted more than 60 enquiries from investors and owner occupiers, with multiple bidders competing at the auction.
Yeh and Bourke acted on behalf of private investors who had bought the property in 1996 for $830,000.
The 520 sqm site is improved by a two-level building of 850 sqm with 12.2m street frontage to Station St.
“Investors were attracted to the busy shopping precinct’s historically low vacancy rate, while owner occupiers were keen to take the rare chance to secure a strategically located, high-profile building in the heart of this busy shopping precinct.
“This is a tightly held area of Melbourne, with one property coming to the market every few years,” Yeh said.
Bourke said the local operator is familiar with the location, having operated their business in the area for more than 10 years.
“Their purchase is a strong vote of confidence in the strength of this precinct and its future prospects.” Bourke concluded.
Australian Property Journal
