On the market for the first time in 25 years, a highly exposed triple frontage land holding of 585sqm prominently located on the corner of Warrigal Road and Atherton Road, Oakleigh will go to public auction next month.
Offered for sale by Crabtrees Real Estate, the property at 2-4 Atherton Road, Oakleigh, boasts an existing two-level retail and office building of 435sqm, according to Crabtrees.
‘’Although the building can easily be refurbished for an owner occupier/investor its true value is in its development potential with the City of Monash supporting development of 8 levels in this area or potentially higher STCA,’’ they explained.
The ground floor (front) suite provides approx. 90sqm of predominantly open plan retail/office space with one separate office and kitchen/toilet amenities.
The ground floor (rear) space provides commercial office accommodation of 134sqm approximately which is fully carpeted and air-conditioned and provides a mix of open plan and partitioned offices, according to Crabtrees.
‘’The first-floor space is 211sqm approximately and is fully carpeted, partitioned and air-conditioned. This area provides a combination of open plan and partitioned offices and has a well-presented reception/waiting area,’’ they explained.
‘’Additionally, the building has a carpark for approximately 10-12 car spaces with drive through access from Atherton Road, making it a truly incredible proposition.’’
The property will be auctioned on site on Friday, 18th May at 1pm.
A prime office building investment in CBD Dandenong has been sold at Auction by Andrew Goodman and Grant Tishler of Crabtrees Real Estate for $1.695 Million.
Securely leased to long term tenants, the property exchanged hands on a passing rent of $99,600 pa net with fixed annual increases.
Crabtrees Director, Grant Tishler said a comprehensive marketing campaign attracted interstate investors creating strong competition on the day.
‘’Returning a yield of 5.87%, rock solid investments like these are in high demand,” he added.
A High quality industrial investment in Clayton returning approx. $135,200 pa net has also been sold at auction by Crabtrees, this time for a price of $2.89 million.
A large crowd watched a bidding war unfold between multiple parties with a total of 45 bids driving the result well above reserve and reflecting a tight yield of 4.5%.
The freehold investment at 2 Torteval Place, Clayton features a high clearance warehouse/office of 1,305sqm approx. with a 2 x 2 lease in place with 4% annual increases.
“We knew this freehold property would excite the current market which is at the moment, lacking in quality industrial investments,’’ selling agent, Rodney King added.