Peugeot dealership sells $2m over reserve
A Peugeot dealership in Melbourne’s leafy east has traded between private investors.
The $7.09 million result for 295-297 Whitehorse Road, Balwyn – also with a three storage business – reflects a 3.8 per cent yield.
It was also $2m over reserve valuing the land at $8020 per square metre; the 844 square metre site at the corner of Power Street, opposite Balwyn Park, is zoned Commercial 1.
The building area is priced at $7132.
The car yard’s lease expires at the end of August, 2028 (continues below).
Six bidders contested at auction.
Gorman Commercial’s Peter Bremner and Jonathan McCormack with Commercial Property Sales’ Shaun Marijanovic were the agents.
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