An owner-occupier has paid $1.5 million for a retail/commercial freehold property in the heart of Windsor within the inner south-east at auction.
According to marketing agents, Teska Carson’s Michael Taylor, Tom Maule, and Michael Ludski, the property sold under the hammer with five bidders from a crowd of around 50 following a marketing campaign which drew more than 60 enquiries with owner-occupiers prominent.
"Owner-occupier sites are currently highly sought after with purchasers taking advantage of low interest rates and affordable borrowing costs and that was reflected in this result with a strong owner-occupier contingent amongst the crowd,’’ Mr Maule said.
Located at 70 High Street, the property comprises a solid brick, single level, 310 square metre building, currently used as a self-service laundromat, on a 334 square metre site, zoned Commercial 1, with 10 metres frontage to High Street.
The property was sold subject to a lease to Ewash Australia Pty Ltd, at a rental of $4387 per calendar month, expiring November 30.
Mr Taylor said the prime freehold property offered significant upside in its suitability for a variety of uses.
"The property offered main road exposure, excellent frontage and flexible zoning providing purchasers with multiple options within a short walk of arguably Melbourne’s premier shopping strip in Chapel Street, and within close proximity of the CBD,’’ Mr Taylor said.
He said recent development in the area provided an indication of just how attractive it was and the likelihood it would continue to provide property owners and purchasers with strong investment growth and development opportunities.