The Spanish Bar, recently visited by P!NK on her Australian tour, and Aree’s Thai Massage shop, have sold as two properties on one title for $1.5M at 18-20 Station Street, Seaford.
The properties boasted dual-street frontage, a total land area of 448sq. m* and combined building area of 215sq. m*, and attracted triple figure enquiries.
The deal was jointly brokered by Ray White Commercial Oakleigh agents Joshua Colosimo and Ryan Amler.
Mr Colosimo said with yields of 3.87 per cent and future development potential it was no surprise this particular asset was highly sought after.
“There was strong interest throughout the campaign and we received more than 100 enquiries as potential buyers appreciated the opportunity on offer,” he said.
“To complement the tenancies already in place, the properties come with ample council car-parking at the rear with future development possible, subject to council approval.
“The lucky buyer was a local investor who really valued the beachside location and the local public transport and major arterial roads.”
Mr Amler said the properties were established and attractive tenancies with both assets benefitting from an excellent location.
“The Spanish Bar in particular is one of the best well-known cafes and has become an institution for the local people,” he said.
“Prominently located on the corner of Station Street and Chapman Avenue, the assets offered a landmark multi-tenanted opportunity.
“Both these properties are located amongst a number of established and complimenting businesses, benefiting substantially from the large amount of passing traffic that Station Street is exposed to on a daily basis.”