The former Burwood Police Station sold at auction last week for $3.125 million, or 34 per cent over reserve.
The incoming owner, a tile retailer, plans to occupy a showroom at the prime site 804 square metre site at 64 Burwood Highway, on the south east corner of Scott Grove.
Being a crown land deal with the state government’s Department of Treasury and Finance, the buyer won’t pay stamp duty.
Three other suitors contested with 63 bids received.
Savills’ Benson Zhou, Julian Heatherich, Tim Grant and James Latos, were the agents.
64 Burwood Highway
Several former members attended to see out the era.
“The auction was an intriguing back and forth battle and was well attended, which can be attributed to the prime retail location opposite recognizable retailers McDonald’s, Mazda and Coles Express,” Mr Zhou said (story continues below).
“Despite the view of some pundits that the current economic climate is not favourable for smaller businesses, today was an indication that this may not be the case with the most aggressive bidders being occupiers seeking to commence or expand their…operations,” Mr Latos said.
The deal comes two months since the Victoria Police Provident Fund banked c$2m for five three bedroom villa units opposite the beach in Seaford.
Last year, meanwhile, the Victoria Legacy Fund, another not for profit, sold Carlton’s historic Louisa Terrace for $3.375m – about $1m over guide.
The Victoria Police Association’s headquarters at East Melbourne also traded in 2022, for c$20m.
That buyer was Elizabeth Ring, the ex-wife of former Swisse Wellness co-owner, Stephen.
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