This article is from the Australian Property Journal archive
AN investor has paid $950,000 at auction for a retail property on Bay Street, Port Melbourne offered with vacant possession.
According to selling agents of 315 Bay St, Teska Carson’s Luke Bisset and Michael Taylor, three bidders pushed the price to more than $130,000 over the vendor’s reserve.
The property comprises a 111 sqm, single storey building including a reception area, four office/consulting rooms, kitchen, bathroom and storage area, on a site zoned commercial 1.
“This was a great result for the vendor as much as it was for the investor who now has a foothold within a prime retail precinct in a well-established bayside suburb only minutes from the CBD,” Bissett said.
He added that Port Melbourne had become a sought after location for both retail and commercial tenants and landlords.
