Frequented by locals and visitors alike over many years, iconic Camberwell restaurant Tandoori Den has been sold following a frantic auction which saw just under 300 bids taken.
Setting a benchmark yield of 2.34% for a retail property in the blue chip suburb, Fitzroys agents David Bourke and Chris James sold the 261 Camberwell Road property for $2.509 million, with the marathon auction propelling the sale price more than $750,000 above reserve.
The 180sqm part-two storey building is on a 202sqm site located at Camberwell Junction, and sold with a secure 5+5+5+5-year lease to Tandoori Den at a building rate of $13,939 per sqm.
Bourke said five bidders competed at the auction after the campaign received strong enquiry from local and offshore buyers.
He said the property’s popular established tenant and central Camberwell Junction positioning were key drivers of the auction outcome and were further reflection of confidence in Camberwell and the surrounding area.
“Well-located properties throughout Melbourne’s retail strips with quality tenants continue to attract strong demand from prospective buyers.”
James said the Camberwell Junction precinct has been the beneficiary of increased residential development on its doorstep.
“There is an estimated 1,500 new apartments about to come online or in the pipeline around Burke Road and Camberwell Junction, with a new 12-storey apartment tower near Aerial the latest development to be approved," he added.
The property is surrounded by a mix of major office tenants including Australia Pharmaceutical Industries Ltd, Bakers Delight, Boroondarra council and Netspace, and major retailers including Country Road, BOSE, Camberwell Market, Aldi, Target and Woolworths.
The sale caps off a strong fortnight by the Fitzroys sales team in Camberwell with Bendigo Bank at 4 Prospect Hill Rd selling for $7.03m (4.2%) and the NAB at 1397 Toorak Rd Camberwell selling for circa $3.5m (4%)l Market, Aldi, Target and Woolworths.
A newly developed industrial estate at Northgate on Brisbane’s northside has recorded sales of more than $6 million this year, fuelling more confidence in the in demand region.
The 4.2ha subdivision developed by Chuan Xin Pty Ltd at 62 Crockford Street, Northgate, has been marketed by Ray White Commercial Qld’s Paul Anderson and Dan Munnich of CBRE.
Mr Anderson said six lots in the Northgate Industrial Park had been sold over the past six months to developers, netting sales of $6.3 million.
He said only three of the original 20 lots remain available, with six lots being retained by the developers. "It has been a pleasure to be the joint exclusive agent on this site, purely from the viewpoint that it attracts so much enquiry,” Mr Anderson said. “When you think about it, this is the only small lot land supply currently on the market between Eagle Farm and Geebung. It’s quite simply gold!" "Not only are the supply and demand factors in favour for the property; it has exceptional connectivity to the M1, Airport Link Tunnel, Nudgee and Toombul road," Mr Munich added. Developer Vincent Liang of Chuan Xin Pty Ltd said the company had a clear vision from the beginning to provide an offering with a super high level of amenity. “We have a licensed cafe and a brand new medical centre with ancillary facilities such as a 24 hour gym," he said. The Crockford St development comprises land parcels from 2,000 sqm to 8,000sqm (by amalgamation). Each lot is connected to power, water and sewer while there is NBN connectivity to Crockford St. Northgate is approximately 15 kilometres from Brisbane’s GPO and approximately 10 minutes to Brisbane Airport.