Glen Waverley Industrial Units Sold for $1,006,000

Glen Waverley Industrial Units Sold for $1,006,000

Industrial units in a tightly held precinct at Glen Waverley in Melbourne’s south east have been sold above reserve at auction by Ray White Commercial Oakleigh for $1,006,000.

The warehouse/office units at 3 & 4/2 Aristoc Road, Glen Waverley, were sold to a local developer by Joshua Colosimo and Paul Rizzo of Ray White Commercial Oakleigh on behalf of local vendors.

Joshua Colosimo said the auction attracted six bidders with the combined units selling for $306,000 above the reserve price.

“Our initial plan was to auction the properties separately, starting with the rear approximately 104 sqm unit four and then the larger 208 sqm unit three,” he said.

“However, we decided on having the one auction with the two units bought by the same purchaser. The buyer was a developer and the property got to the price level it did because of Glen Waverley being so tightly held.”

Paul Rizzo said the two units are in a fantastic location close to Glen Waverley Shopping Centre.

“There is also excellent access to major arterial roads,” he said.

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