Investor pays $1.432M for two in-one-line Springvale assets

A SINGLE investor has purchased two in-one-line stand-alone two-storey retail buildings that were side-by-side for $1,432,000 at 207 and 209 Springvale Road(pictured above) in Springvale.

The assets offered 443sq m* in combined land size and 700sq m* of building area and were sold as vacant possession following a successful expressions of interest campaign.

The in-one-line properties were marketed and sold by Ray White Commercial Oakleigh Sales and Leasing Consultant George Kelepouris.

“The expressions of interest campaign was well-received with nine offers received, varying from purchasing both buildings to purchasing them individually,” Mr Kelepouris said.

“They’re within a half-hour drive to the Melbourne CBD and in one of Melbourne’s most gentrified suburbs, offering the flexibility to occupy and/or invest with the unique potential of multiple tenancies or to further develop – subject to council approval.

“The Springvale Road retail strip is arguably one of the most tightly-held throughout Metropolitan Melbourne, with vacancy rates continuing to be extremely low year upon year.

“This is underpinned by an abundance of nationally recognized retailers such as Woolworths and Coles, as well as an abundance of complementing businesses.”

*Approximately.