Melbourne stand alone office sold for $1.055 million at auction

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Mar 24, 2020

Melbourne stand alone office sold for $1.055 million at auction

Gray Johnson Director Matt Hoath says the sale of a Mont Albert office for more than $1 million at auction shows there is still life within the commercial market despite growing fears about coronavirus.

Gray Johnson

6 Churchill Street, Mont Albert

The auction of a Mont Albert office in Melbourne's east has defied the growing uncertainty surrounding the market, producing a sale price above the reserve.

In front of a 30-strong crowd, a buyer's agent presented a bid of $1,010,000 for the property at 6 Churchill Street, $70,000 above the quoted amount of $940,000 provided by selling agent Gray Johnson.

The property would be passed in before an eventual sale price of $1,055,000 was negotiated, reflecting a land rate of $7932 per square metre.

At a glance:

An office at 6 Churchill Street, Mont Albert has been sold for $1.055 million at auction, reflecting a land rate of $7932 per square metre.
About 30 people attended the auction, which was conducted through Melbourne commercial agency Gray Johnson.
Gray Johnson Director Matt Hoath said the result indicated there was still life in some sections of the commercial property market.

Situated on the south side of Churchill Street, between Mont Albert Road and Stanhope Street, the freehold site comprises 137 square metres of space and includes generous frontage to Churchill Street.

The purchaser was a local owner-occupier who runs a financial services business.

Source: Gray Johnson

Gray Johnson Director Matt Hoath said the level of enquiry for the property and subsequent auction turnout indicated parts of the market were "still alive and kicking" amidst the climate of uncertainty created by COVID-19.

"We are seeing good demand for assets in the $1-5 million price category (more especially in the east and inner suburbs)," he said.