Balwyn North arcade sells $1m over reserve
The two storey Balwyn North Village Arcade – home for decades to Danny Lee Designs, Lemongrass Chicken and Saki Japanese restaurant – sold at auction last month.
Also with offices, 70 Doncaster Road, in the heart of Balwyn North Village was contested by four investors before selling down for $6.85 million – a 5.49 per cent yield.
The price was also 17pc – or $1m – over reserve.
Balwyn North Village Arcade
On 888 square metres near High Street, Balwyn North Village Arcade is passed by some 26,000 vehicles a day.
With 20 metres street frontage, it contains 1365 sqm, the retail component leased to a mix of specialty businesses and essential service providers.
Some tenants have occupied over 30 years.
Longer term, the property holds development upside.
Colliers’ Alex Browne, Tim McIntosh and Lucas Soccio were the agents.
The auction generated 30 bids.
This pocket of Balwyn North is about 10 kilometres east of Melbourne’s CBD.
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