Cheltenham freehold asset sells for $724,000 at online auction

A FREEHOLD mixed-use commercial investment has sold via online auction for $724,000 – $14,000 over the reserve price – in the Melbourne suburb of Cheltenham at 344 Bay Road.

The property, that came with a 220sq m* total building and land area, was currently leased to an established remedial massage business since 2018.

The asset was marketed and sold by Ray White Commercial Oakleigh Sales/Leasing and Operations Manager Ryan Amler.

“This was an exceptional result given we had to move the auction from on-site to online in a short space of time due to the return of restrictions,” Mr Amler.

“Despite the obstacles, the campaign was still strong with over 30 enquiries, and 15 private inspections. That translated to four registered and three active bidders on the day.

Robert Cincotta, Ray White Oakleigh Sales Agent, Operations Manager and Auctioneer, calling 344 Bay Road.

“To sell $14,000 over the reserve price is a testament to how good the opportunity was as we had to contend with a massage business that has now had to shut twice due to COVID-19.

“With little-to-no vacancy in the retail strip, this property provided investors with great comfort knowing that there’s a reliable tenant in place for many years to come.

“It’s within the south-eastern growth corridor and in one of Melbourne’s most rapidly rising beachside suburbs, so it was a perfect addition to an investment portfolio.

“It’s close to everything that you’d expect in an investment property and is among an array of supporting and service-type businesses such as food outlets, supermarket, medical centre, hair salons and more, and is within direct proximity to the ever-busy Southland Shopping Centre.”

*Approximately.