Development potential on a mixed-use site has seen a commercial property snapped up for nearly $4 million.
The property is located on Mountain Highway in Melbourne’s Bayswater and had appealing street frontages to entice buyers.
The property was sold the day before expressions of interest were due to close, Ray White’s Mitch Rosam said.
“It has the development potential of seven storeys, with the retail currently on site returning the owner $185,000 p.a. plus GST plus outgoings,” he said.
A local investor bought the property, and since the election, there has been an increase in confidence to buy, Mr Rosam said.
“There is not a lot of good properties on the market at the moment,” he said.
The offer made was too good to pass on, and it was achieved on a short 27-day settlement, Ray White’s Paul Waterhouse said.
“The buyer loved the high rate of passing traffic, coupled with the prominent location, and the high level of exposure offered to Mountain Highway and Valentine Street.”