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Fierce competition at auctions for shops

Finance Markets / Latest Activity

Australia

Nov 21 2017

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Simon Johanson, The Sydney Morning Herald

MARKET WRAP

SALES

Malvern

Shops on Melbourne's suburban strips continue to attract premium prices and fierce competition at auctions. A landmark corner building at 146 Glenferrie Road has sold under the hammer for $6.392 million in pouring rain that didn't dampen the enthusiasm of bidders for the vacant 440sq m building, said Fitzroys' James Lockwood, David Bourke and Jordan Ceppi. Mr Ceppi said investors still had a massive appetite for well located retail properties.

Docklands

The conical shaped home of gelato outlet Limonetto at 35 NewQuay Promenade has sold for $740,000. The waterfront building sold before auction on a 7.4 per cent yield. It had previously been on the market in 2015 but failed to sell. Colliers International's Chris Ling and Ben Baines handled the sale in conjunction with Kenny Oliver of Hocking Stuart Commercial. Mr Ling said the property received multiple unconditional offers before the auction.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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