An owner occupier has paid $4.075 million for a retail freehold asset at 97-99 Koornang Road, Carnegie. 

Positioned in a bustling retail precinct, the property was sold through Burgess Rawson’s Zomart He and Rick Jacobson in conjunction with Gross Waddell ICR’s Glenn Ye and Danny Clark. 

Mr He said the success of today’s onsite auction underscores the enduring appeal of brick and-mortar retail as a prime investment choice in Melbourne. 

“Investors from both on-shore and off-shore recognise the value of physical retail spaces in  strategic locations, offering secure leases and long-term income potential,” He said. 

Mr Jacobson said it was a strong result equating to $8,820 a square metre on the land value  and a cap rate of just 4.4 per cent, based on the current rental. 

Nestled among Carnegie’s vibrant shopping destination, the asset neighbours national  retailers, including Woolworths, Australia Post, Chemist Warehouse, BWS Carnegie, Bakers  Delight and Grill’d. 

The well-presented building is set on a significant 462 sqm site zoned Commercial 1 (C1Z),  offering unparalleled potential for future development (STCA). It features rear lane access and  direct frontage and exposure to Woolworths car park. 

Surrounded by important social infrastructure, including 38 educational institutions within 3km  servicing over 39,000 students. 

The property delivers easy connectivity with bus stops located near the front door while Carnegie train station is less than 200 metres away. 

Carnegie offers a soaring median house price of $1,675,000, with a 6.3% growth in the past 12  months. 

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