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Cremorne cafe/studio sells $800k over reserve

Property Markets / Transactions

Australia

Mar 08 2017

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March 9, Melbourne – An owner occupier has paid $3.07 million, or more than $800,000 over the reserve, at a hotly contested Teska Carson auction for a warehouse cum café/studio premises at Cremorne (Richmond) in Melbourne’s inner eastern suburbs. 

According to marketing agents, Teska Carson’s Luke Bisset and Matthew Feld, up to 100 people turned out following more than 300 enquiries for the 98 Balmain Street property with eight bidders putting in 84 bids to drive the price well beyond the $2.25 million reserve and to a record land rate for the area of $11,807psm.

Mr Bisset said the result reflected the strong owner-occupier and investor markets, the location and the potential for capital growth.  

"Cremorne and/or Richmond is a very popular area. It’s very close to the CBD and offers residents and businesses access to a comprehensive and quality range of amenity and services.

"At the same time interest rates remain at record lows and property remains the investment of choice while investor ranks have also been swelled by an influx of SMSFs and that means some serious competition for properties in this price range," Mr Bisset said.

Located on the corner of Walnut Street, the property comprises 260 square metres of former warehouse space, part of which is now leased to a well-established cafe business with access from Walnut Street, on a Commercial 2 zoned 260 square metre site.

According to Mr Feld the property was sold subject to a three year lease with options over the rear portion of the property at a current annual rental of $36,063. He said the potential rental for the 140 square front portion, on Balmain Street, was circa $45,000 bringing the total income to an estimated $81,000 per annum. 

The vendor was a Melbourne-based private investor

 

About Teska Carson

Teska Carson, since its establishment in 1990, has consolidated itself as Melbourne’s most progressive and active estate agency, specialising in the field of prime commercial property. Teska Carson recently merged with Kliger Wood to form the largest privately owned commercial agency in Melbourne with a combined 100 years of service to the property industry.bvgbvquisition has enabled Teska Carson to build on and enhance its reputation as a leader in its field offering the most comprehensive range of commercial property management and agency services with a database second to none. Teska Carson will continue its successful strategy of focusing on personal service and exceeding expectations in delivering outstanding results for our clients.  

 

SOURCE: Press Release

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