A LOCAL investor has purchased the freehold of Burwood’s ‘Easy East’ restaurant under the hammer as 26 Burwood Highway sold for $870,000 – a huge $140,000 over the reserve.
The high exposure freehold investment came with a 188sq m land area and was being offered to the market for the first time in more than 35 years.
The property was marketed and sold at auction by Ray White Commercial Oakleigh Sales and Leasing Consultant Theo Karkanis.
“The campaign was incredibly active throughout with 75 enquiries, 22 inspections, and 45 attendees showing up on auction day,” Mr Karkanis.
“This sale was the perfect example of why auctions work – we had seven registered bidders which resulted in 69 bids, with one lady even flying down from Adelaide to participate – and it was that competition that drove a terrific outcome for our vendors.
“This single level investment property is in an extremely tightly-held location and surrounded by a multitude of national retailers including McDonald’s, Drummond Golf, Ray White, F45, Anytime Fitness, Mazda, Snap Fitness 24/7, Nissan, Beacon Lighting, and many more.
“The premises itself has been operating as a hospitality venue for over 30 years with the current tenant recently renewing for another three years plus further options, providing the buyer with the confidence that this location is one that continues to thrive.”