The auction attracted a crowd of approximately 70 people. Bidding commenced at $2.0 million with four keen bidders competing. The purchaser is a private Melbourne investor.
The property is located on the western side of Koornang Road, adjoining the Safeway Supermarket, walkway and large public car park.
The property is situated in the very best part of the street and is surrounded by the major trading banks, pharmacies and quality retailers. Koornang Road is highly regarded and sought by investors and occupiers.
The improvements comprise a single level brick building which has recently been refurbished and accommodates four separate tenancies; Michel’s Patisserie, Ace Shoe Repairs, Alain’s Patisserie and The Organic Fix.
The property is currently returning an approximate net annual rental of $178,666.00