Bid frenzy as Macleod shop sells for $508,000

FIVE bidders battled it out as a retail commercial asset sold for $508,000 under the hammer at 2/76 Aberdeen Road in the Melbourne suburb of Macleod.

The site, that came with a 64sq m* building area, offered potential buyers both a strong return and future capital growth.

The property was marketed and sold by Ray White Commercial Vic-Nunawading Director Brett Diston.

Mr Diston said there was strong interest throughout the campaign with a multitude of enquiries coming from both owner occupiers and investors.

“There was a real buzz on auction day with a crowd of more than 50 people watching on as bidding went from $350,000 all the way up to $508,000,” he said.

“This was a terrific result for our vendor as the property sold $118,000 above its reserve price and reflected a yield of 3.4 per cent.

“This particular area is a tightly-held retail precinct, and the fact there were no recent sales, highlights why there were 20 bids before the hammer came down.

“A private investor in the retail strip was the final lucky buyer, taking advantage of the great positioning across from Macleod train station, and the well-structured lease.

“The premises enjoys superb exposure and is amidst a wide range of thriving business, returning $17,352.60 p.a. net on a 3+3-year lease, and four per cent annual increases.

“The asset makes use of Commercial 1 zoning, ample street car parking availability, and is within one of Melbourne’s fastest growing housing corridors.”

*Approximately.