A FREEHOLD commercial retail investment with long-term tenancies has smashed its reserve price by $101,000 at auction as 709 Centre Road in Bentleigh East sold for $926,000.
The asset, that came with 180sq m* of building area on 150sq m* of land size, was marketed during Stage Four lockdown and taken to auction at the earliest opportunity after easing.
The property was marketed and sold by Ray White Commercial Oakleigh Sales/Leasing and Operations Manager Ryan Amler.
“The campaign, despite its restrictions, still attracted more than 60 enquiries and that turned into 13 private inspections as the opportunity proved highly sought-after,” Mr Amler said.
“Four of the seven registered bidders battled it out on the day, and it was that competition that drove such a great price – the highest offer we had received prior was $700,000.
“The property offered a prime freehold retail premises with separate two-bedroom residence within one of Melbourne’s most highly sought-after and in-demand south-eastern suburbs.
“This is a thriving local shopping hub with everything that the local residences would want and need for their day-to-day essentials.
“The asset features two components – a tenanted shop front (currently leased as a nail salon) since 2017 – as well as a separate two-bedroom residence.
“The property is also easily serviced and accessible via Nepean Highway, East Boundary Road, Warrigal Road, North Road, and South Road. The sale price reflected a 4.4 per cent yield.”