A buyer from mainland China has paid $4.7 million for a commercial investment in Clayton, about 19 kilometres south-east of the Melbourne CBD.
The asset at 348-350 Clayton Road (pictured, top) sold for $1.3 million more than the reserve.
Reflecting a low 3.6 per cent passing yield, the deal values the land at $9300 per square metre.
The 506 sqm site accommodates a double-storey office with 502 sqm of area tenanted to National Australia Bank and a taekwondo studio.
Seven bidders contested for the site before a crowd of more than 100 last Thursday.
“The five groups that bid above $3.4 million were all Asian investors (including two new groups sourced through our Chinatown Advisory Centre), highlighting the importance of marketing properties to an international audience” CBRE Strip Retail Investment broker Rorey James said.
Colleague Sandro Peluso added that Asia-based investors won 15 of the last 19 auctions CBRE has conducted.
“The eventual purchaser, who intends to hold the property as a passive investment, saw value in the property due to its wide frontage and proximity to car parking, the train station and Coles supermarket,” another CBRE agent, Nic Hage, said.
The fourth broker working on the campaign – Jing Jun (JJ) Heng – said the result continues a trend for the second half of 2018 of multiple Asian investors bidding aggressively for Melbourne sites.