A fully leased Mt Waverley retail/office investment sold for nearly half a million dollars over the reserve following a hotly contested Teska Carson auction. 207 Blackburn Road sold by George Takis Teska Carson Director. 

The 207 Blackburn Road property, with potential development upside, was knocked down for $3.445 million - $445,000 over reserve – on a 4.2 per cent yield.

According to selling agent, Teska Carson Director, George Takis, the marketing campaign attracted a significant level of interest from both investors and developers with eight bidders, from a circa 100 strong crowd, ultimately driving a great result for the vendor.

“This was an outstanding result for a property which offered a secure lease profile, a sought after retail/commercial location with strong growth prospects, and the additional attraction of potential development upside.”

“As such it was not surprising that the property drew such a high level of interest,’’ Mr Takis said.

He said the fact that interest rates are so low and unlikely to rise any time soon, coupled with the dearth of good quality investment stock, had also been important.

“Historically low interest rates continue to present a real advantage to investors and this has encouraged more buyers into the market especially for retail/commercial properties in prime locations,’’ Mr Takis said.

The property, comprising a two level, 428 square metre building on a 650 square metre site, with 21 metres street frontage, has a prime position within, and excellent exposure to, what is a well-known and popular shopping strip.

Features include an attractive foyer with a lift to the first floor, quality fittings, a well-maintained garden on the ground floor, and a balcony garden on the first floor, and secure on-site parking.

A transaction analysis is available for the sold property by emailing the selling agent George Takis Teska Carson via the contact form below: 

The property was sold subject to leases to three tenants at a combined $144,068 per annum plus outgoings and GST.

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