Elements force anticipated record breaking street auction to Leonda

Coles Hawthorn sold last quarter for $24.5 million, reflecting a national record low 1.9 per cent yield.

The elements – specifically forecasts for flash flooding, 90 kilometre an hour winds and thunderstorms – have forced an anticipated landmark on-site auction tomorrow to be moved to Hawthorn’s Leonda by the Yarra and shifted forward a half hour.

The public sale of Woolworths Balwyn was expected to deliver a state record result for a street auction.

Woolworths Blackburn South traded last month for $29.3 million – a 2.43 per cent yield.

Instead, the event will take place indoors at nearby Leonda (2 Wallen Road) and at 1pm.

“We would have liked to have had the auction on-site,” Vinci Carbone director Frank Vinci, who is marketing the asset with Joseph Carbone, said.

“The property has been incredibly well received and we were expecting over 200 people on the footpath outside 383 Whitehorse Road,” he added (story continues below).

The Balwyn asset occupies a 4700 square metre Commercial 1 zoned block.

“But for everyone’s safety and convenience, relocating the event is the right thing to do”.

On a 4700 square metre Commercial 1 zoned block, the property is expected to trade for over $35 million, which would reflect a sub four per cent yield.

Many are anticipating a price above that given two recent eastern suburb supermarket sales on significantly smaller blocks – at Blackburn South (for $29.3m, or a 2.43pc return) and Hawthorn ($24.5m – a 1.9pc yield).

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.