Location and quality were the biggest attractions for 837 Nepean Highway, Bentleigh, which sold under the hammer for $1.155 million — $235,000 above reserve.
The property received a lot of interest with more than 70 enquiries prior to auction, 13 inspections, and six registered bidders on the day.
The 237sqm is leased to long-term tenant Trifusion Fitness, with a new five-year lease as of 2020.
Ray White Commercial Oakleigh department head Ryan Amler said the property was situated amongst many national retailers such as Beaurepaires, Solomon’s Flooring, Porsche Brighton, 99 Bikes and Brighton Mazda, while being located directly opposite Dendy Park.
“The location and quality of the building were the biggest attractions followed by the longevity of the tenant, despite them being a fitness business and currently unable to trade due to lockdowns,” Mr Amler said.
“Most of the commercial buildings in this location are also substantially larger (at least double the size), so this was a good entry-level asset in this location on Nepean Highway.”
Mr Amler said the market had been very strong due to increasing demand and low supply.
“We are seeing huge bidder registrations on all of our auctions and in many cases some of the bidders/buyers had only viewed the properties virtually,” he said.
“Prior to his auction, three of the bidders had only viewed the property virtually.”
Ray White Commercial Oakleigh
0401 971 622
Ray White Group
0447 000 472