Two competing bidders have battled it out as a stand-alone office/warehouse sold under the hammer for $4.1 million on site at 154-158 Bernard St, Cheltenham.
The property had been leased to P.H.D. Import and Export Pty Ltd since 14 February 2014 on a five-year term, but with that coming to an end in 2019, there was strong interest from occupiers, developers and investors alike.
Ray White Oakleigh’s Commercial Sales Leasing and Operations Manager Ryan Amler said the rare opportunity meant interest in the lead up to the auction was high.
“Throughout the campaign we had 47 enquiries from an array of interested parties so it was expected there would be competition on the day,” Mr Amler said.
“After a tense bidding process that began at $3.5 million, the winning bid came from a lucky local importing business.”
Mr Amler said the property features as well as the location made the opportunity particularly desirable to investors.
“This is an excellent clear span warehouse area with a total land area of around 4311sq m and street frontage of approximately 45 metres. Combine that with motorized roller doors, a loading dock and heavy-duty power, and a business has everything it needs,” he said.
“The stand-alone industrial property is well serviced and easily accessible via Warrigal Road, Chesterville Road and in close proximity to major arterials such as Nepean Hwy and the newly constructed Dingley Bypass.
“There’s also the added bonus of 33 on-site car park spaces at the property.”