When the owner of 5 Alfrieda Street found out what it had sold for at auction, his first instinct was to hug selling agent Benjamin Klein from Gross Waddell.

While he had travelled down from Queensland for the auction, the vendor had chosen not to witness the moment of sale, instead positioning himself down the road at a nearby cafe while the bidding took place.

It was left to Mr Klein, who had marketed the property with fellow Gross Waddell agent Alex Ham, to break the news that the property had sold for $1.251 million, 56 per cent above the reserve. 

"He was holding a newspaper, which I asked if I could write one," Mr Klein said.

"As I wrote '1.2', he was looking at me in disbelief.

"That's when he asked if he could give me a hug."

At glance:

• A 75 square metre retail property at 5 Alfrieda Street, St Albans has sold for $1.251 million at auction, reflecting a yield of 3.1 per cent and a land rate of $16,680 per square metre.
• The freehold site has a three-year lease term that commenced on January 2018 and generates a nett rent of $39,071 p.a.
• The property was marketed by Benjamin Klein and Alex Ham of Gross Waddell.

Comprising a land area of 75 square metres, 5 Alfrieda Street is a freehold title with a three-year lease term that commenced on January 2018 and generates a net rental income of $39,071 p.a.

The sale price reflects a yield of 3.1 per cent and a land rate of $16,680 per square metre. 

Mr Klein said the July 4 auction, which drew 93 bids, showed the growth belt around Melbourne "definitely had a lot of traction".

"There are people who are looking for investments closer to where they live," he said.

"I think people are underestimating the commercial growth in areas such as Cranbourne, where there has been a rise in residential properties." 

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