Melbourne, 10 June 2014 – A Melbourne-based buyer has acquired a well-positioned community facility in Balwyn at auction, after strong offshore competition pushed the final sale price well over the reserve to $2.63 million.
Located at 383 Belmore Road in Melbourne’s eastern suburbs, the 1,286sqm site benefits from a prominent corner position and comprises a circa 1980s, single level rendered brick premises, currently utilised as a community facility.
The property was sold with a short term lease covenant until mid-2015, generating approximately $150,000 net income.
CBRE’s Paul Tzamalis, Scott Orchard and Tom Tuxworth negotiated the sale on behalf of the vendor, Interact Australia.
Mr Tzamalis said the marketing campaign attracted strong levels of interest from a range of buyers.
“The level of buyer interest in this property was staggering – we received 90-plus enquiries and 22 requests for contract on this property from various community organisations, medical practitioners, dentists, childcare operators and developers,” Mr Tzamalis said.
“New residential restrictions being implemented later this year made sure that developers were kept out of the race, paving the way for other types of purchasers.”
The property’s central location in close proximity to public transport networks and the neighbouring East Balwyn shopping centre was also a key factor in the sale.
“The strong result achieved on this property is yet another reflection of the market’s strength, and in particular, interest for well-positioned properties in established locations,” Mr Tzamalis said.
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