Investors have competed fiercely at auction for the Camberwell home of Ambulance Victoria, demonstrating the premium placed on secure investments in the current environment.

Fitzroys Chris James and David Bourke together with Patrick O’Callaghan of O&Co auctioned 612-616 Camberwell Road sold under the hammer for $3.6 million to a private investor.

The sale price reflected a sharp 3.8% yield and was $700,000 above reserve.

The modern 275sqm single-storey facility was purpose-built for Ambulance Victoria and is on a large 597sqm site zoned Commercial 1, with a substantial 16.5m frontage to Camberwell Road and a rear lane. The building includes open-plan offices and amenity, with seven on-site parking spaces at the rear.

“This property presented perhaps the safest investment in the current environment,” Bourke said.

“Ambulance Victoria is a top-line essential services provider and offers a COVID-proof income stream.”

Bourke said the fantastic result followed a campaign that generated more than 100 enquiries from local and offshore parties during the campaign, and six bidders competing at the auction.

“The COVID period has seen investors focus their energy on acquiring securely-leased, income producing investments, and we expect more investors will be seeking these types of opportunities in 2021. The depth of enquiry again showed there is a large volume of capital waiting to be deployed, after few high-quality, well-located properties were offered for sale over the past 12 months.”

O’Callaghan said, “This was an incredibly rare opportunity that offered secure income, as well as future value-add and development prospects given the site’s zoning and location”.

It is between the multi-level, mixed-use Mayada development, and Camberwell Toyota, while high-profile office tenants close by include Hanes Brands, Australian Physiotherapy Association, Estia Health and Baptcare.

As well as commercial offices and multiple medium-density residential developments, also nearby are Hartwell train station, the Route 75 tram, the popular walking and cycling Anniversary

Trail and Leo’s Fresh Food & Wine Supermarket.

Bourke said the result reaffirms the high regard Melbourne’s inner-east commercial market is held in. In the first auction of a primely-located Melbourne retail strip asset for 2021, Fitzroys recently sold 751-753 Burke Road, Camberwell for $7.55 million at a 4.1% yield. The dominant two-level freehold is in the absolute prime of the famous shopping strip and generated more than 100 enquiries from domestic and offshore interests.

To request a copy of the sales analysis please email either of the marketing agents via the contact forms below.