Investors have purchased a Bendigo Bank site in the blue-chip suburb of Camberwell for over $7 million on an impressive 4.2% yield.
Fitzroys agents Chris James, Chris Kombi and David Bourke sold the property following an auction campaign that attracted more than 100 enquiries from local and offshore parties, leading to a number of bidders fighting it out in front of a large crowd.
The substantial 788sqm two-storey freehold at 4 Prospect Hill Road is on a 431sqm site with dual frontage to Prospect Hill Road and the Market Place Carpark, which caters for the shopping population of nearby Burke Road and the wider retail offering around the Camberwell precinct.
It sold with a new five-year lease to Bendigo and Adelaide Bank Ltd on the ground floor, and to CIPL Ltd over the first-floor office space.
Bourke said the tenancy profile and substantial dual frontages were key drivers and the sale reinforced the confidence in Camberwell Junction.
“The property is positioned near the Burke Road and Prospect Hill Road intersection, at the heart of the popular retail precinct, and the wider area has been the beneficiary of increased residential development on its doorstep,” he said.
“The introduction of developments such as Aerial, Solstice, Elmington, Middle Burke and others have recently brought hundreds of new apartments into the area.”
Confidence in Dandenong and Melbourne’s south-eastern region has seen the CBD gateway site at 260-264 Lonsdale Street sell for $2.97 million at auction.
Adam Lester and David Bourke of Fitzroys sold the 710sqm site, which comprises a prominent three-level, 1,650sqm building and has a 22-metre frontage to both Lonsdale Street and Boyd Lane, with Lonsdale Street the main thoroughfare for traffic through Dandenong and the gateway to the wider south and south-eastern suburbs.
The property holds a key position adjacent to Dandenong Plaza and Dandenong Market.
Lester said the property offered a number value-add opportunities for a range of buyers, and attracted more than 60 enquiries during the campaign and multiple bidders at auction.
“The site has a Comprehensive Development zoning and has a high-profile presence within Dandenong’s city centre, which is quickly re-establishing itself as the capital of Melbourne’s growing south-east region,” he said.
It sold with vacant possession to a private investor who will refurbish and re-lease the property.
A substantial open air sales yard on a high exposure site with redevelopment upside (STCA) at Slacks Creek, south of Brisbane, has been sold at auction by Ray White Commercial Springwood for $2,880,000.
The approximately 3,434 sqm site over two lots with a 470 sqm building at 3471-3475 Pacific Highway, Slacks Creek, was sold under the hammer to a local investor by Ray White Commercial Springwood Managing Director Aldo Bevacqua.
Mr Bevacqua said there were three bidders at the onsite auction for the vacant site.
“We had very keen interest in this property which enjoys approximately 80m of frontage to the Pacific Highway,” he said.
“This type of site has traditionally been transacted in off-market deals so it was rare for an offering such as this to be available for sale at public auction."