GormanKelly receives notable mention in today's Business Section of The Age with a write-up about last week's trifecta auction result - selling 3 of 3 properties under the hammer.
Last Wednesday we sold 1426 High Street, Malvern:
The current rental of this 113m² retail shop & dwelling leased to ‘Chicken on High’ was well below other surrounding shops within the strip. Over fifty people attended the auction, with three principal bidders. The property was sold under the hammer for $808,000 representing a yield of 2.7%; reflective of the potential for significant rental growth.
Last Thursday we sold 58-60 Walsh Street, West Melbourne:
This 240m² mixed use site with a 3 year lease offered future development potential. 2 principal bidders showed their hand at the auction with the property selling for $788,500 representing a rate of $3,285p.s.m on land. This rate was reflective of sales in the area.
Last Friday we sold 108 Auburn Road Hawthorn:
This 111m² double storey Victorian style retail shop is leased to the 'Cutters Lounge' for 5 years plus options. Over thirty people attended the auction with 2 principal bidders. The sale price of $885,000 represents a return of 4.63%; a reflection of the above market rental currently being achieved.
We see continued strength in this sub $2 million market for properties within strong local strips which offer some short to medium term future development upside. Purchasers are typically superfund investors, with many choosing to conservatively debt fund.
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In addition, The Age featured two editorials regarding upcoming auction properties at 68 Jackson Court, Doncaster East and 313 Stephensons Road, Mount Waverley.
68 Jackson Court, Doncaster East
AUCTION - Wednesday, 21st September at 3pm
VIEW the Property Brochure / VIEW the Property Listing
313 Stephensons Road, Mount Waverley
AUCTION - Thursday, 22nd September at 12pm
VIEW the Property Brochure / VIEW the Property Listing