This article is from the Australian Property Journal archive
AN owner occupier has picked up a Commercial Road property in the popular inner-city suburb of Prahran for $1.195 million.
The vacant, single-level 202 Commercial Road retail premises covers 145sqm on a 158sqm site, and at a land rate of $7,563 per sqm after competition between several bidders.
Zoned Commercial 1, it has a five-metre frontage and rear access.
Tom Maule and Michael Ludski of Teska Carson sold the property on behalf of a private Melbourne investor.
Maule said the property had offered attractive and flexible premises with lots of upside in an outstanding location.
“Commercial Road is a well-known and strongly performing retail precinct, a precinct which will be significantly enhanced by the $60 million Cato Square development,” he said.
Ludski said the property attracted a high level of interest from investors, owner-occupiers and developers looking to take advantage of a prime location with huge potential upside in one of Melbourne’s most popular inner-eastern suburbs.
Australian Property Journal