Two commercial assets sell pre-auction in Melbourne

TWO commercial properties, one in Boronia (pictured above) and one in Bentleigh East (pictured below), have successfully sold pre-auction following active campaigns in Melbourne.

The tenanted retail site at 81 Boronia Road in Boronia sold for $285,000 and was marketed by Ray White Commercial Oakleigh Sales/Leasing and Operations Manager Ryan Amler.

The tenanted property at 19 Clarence Street in Bentleigh East sold for $270,000 and was marketed by Ray White Commercial Oakleigh Sales and Leasing Consultant George Kelepouris.

Mr Amler said he took the decision to convert the property from private treaty to auction, and it paid off, as the asset sold before going under the hammer.

“Our tactics worked as we had multiple enquiries on the property and it was eventually sold to a local investor who wanted to add to their self-managed super fund,” he said.

“The asset was an outstanding entry level investment opportunity which has been leased to a long-term and established laundromat for nearly 35 years.

“A 3+3+3-year lease commenced in July 2017 and the current rental returns are $15,375 + GST + outgoings p.a.”

Mr Kelepouris said he had a number of enquiries throughout the campaign and the property sold within the first week.

“Because of the enquiry numbers we ended up with competing offers, but the eventual lucky buyer was a local who wanted the asset for their self-managed super fund,” he said.

“The location was the real appeal with trendy cafés and being just minutes away from the busy Centre Road shopping precinct and Glen Eira Sports and Aquatic Centre.

“A 2+2+2-year lease commenced in October 2018 and has current rental returns of $20,400 + GST p.a. with outgoings included.”