A well-placed industrial property in the Fairfield commercial hub of north-east Melbourne has sold under the hammer for $3.4 million through Gray Johnson.
The sale of a Fairfield industrial asset at auction at the end of last year demonstrates the "pent up" demand for investments in Melbourne's inner north, according to Gray Johnson.
Four bidders battled it out in late 2019 for the corner landholding at 161 Perry Street, which was eventually sold for $3.4 million.
Comprising a site area of approximately 1,871 square metres, the property is occupied by a prominent national retailer (40 years business experience) that has started a new five-year lease at the site, with a three-year option to extend.
At a glance:
The site boasts a range of high-profile neighbours, including Grinders Coffee Barista College, Bunnings, Casa Iberica Deli, Guest 4WD, Storage King Fairfield, Rexel Electrical, Atherton’s and Reece.
Selling agent and Gray Johnson Director, Matt Hoath, said the strong interest in the asset was indicative of a demand which could remain consistent within the market throughout 2020.
"A very large crowd was in attendance at the auction," he said.
"This result demonstrates the pent up demand for inner northern investments, more particularly for properties with a large land content of 1500 square metres plus.
"We are forecasting land values to escalate in the next 12 months."
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