Prized Ivanhoe retail investments smash reserves at auction

TWO outstanding investments in one of Ivanhoe’s most electrifying retail/dining precincts have both sold over reserve under the hammer at 213 and 215 Upper Heidelberg Road.

More than 60 attendees watched on as 213 Upper Heidelberg Road sold for $1.36M and 215 Upper Heidelberg Road sold for $1.445M, both going to separate investors.

The asset was marketed and sold by Ray White Commercial Oakleigh trio Ryan Amler, Theo Karkanis and Joshua Colosimo.

Mr Amler said it was a strong campaign throughout with interest coming from a national level from both investors and owner occupiers alike.

“Buyers really appreciated the opportunity on offer, translating  to over 100 enquiries throughout a really active campaign,” he said.

“We had 22 private inspections with 25 contract requests. 213 sold for $160,000 over the reserve and 215 sold for $45,000 above reserve.

“Both properties attracted five active bidders each which is testament to the fact that they’re both on a retail strip known arguably as one of the most tightly-held throughout metropolitan Melbourne.

“These assets really did tick all the boxes for what someone would want when it comes to buying investment property.

“The vacancy rates in the strip itself continue to be extremely low year-upon-year, and this is underpinned by an abundance of nationally recognized retailers and complementing businesses surrounding these investments.”

Mr Amler said the properties were an ideal addition to a self-managed super fund and the opportunity to develop in the future (STCA) was seldom offered to the market.

“213 sees a long-standing optometrist tenant operating for over 23 years and has a five-year lease that commenced in March 2018,” he said.

“215 is a well-known local café with a 3+3-year lease that commenced in May 2017, so potential buyers could buy with confidence, knowing there are secure tenants in place.

“The assets also offer main road exposure in a highly sought-after and thriving retail strip and have a high volume of vehicles passing each day.”

Mr Amler said the assets were serviced by major arterial roads, including the Eastern Freeway (M3) and Bell Street, and also had great public transport located directly nearby.

“The properties are in the city of Banyule, 10km* East of Melbourne’s CBD, complemented by nationally recognised businesses such as Westpac, ANZ, Woolworths, Coles Supermarket and Chemist Warehouse,” he said.

“These two freehold retail investment properties are well serviced and easily accessible via, Heidelberg Road, Bell Street, Hoddle Street and the Eastern Freeway.

“Transport via car to the Melbourne CBD via Hoddle Street and Heidelberg Road is between 16-24 minutes* depending on time of day and traffic conditions.”

*Approximately.