A retail showroom within Melbourne's bustling Bridge Road retail strip has sold for $400,000 above the reserve price at auction.

Situated along the Yarra end of the strip at Richmond, 619-623 Bridge Road was purchased by a local investor for $4.4 million, reflecting a yield of about 3 per cent.

More than 80 people attended last Friday's auction, with three bidders registering 46 bids on the day.

At a glance:

• A retail showroom at 619-623 Bridge Road has been sold at auction for $4.4 million, reflecting a yield of about 3 per cent.
• The property was marketed by Andrew Greenway and Andrew Waddell of Gross Waddell.
• A total of three bidders registered 46 bids on the day.

The property was marketed by Andrew Greenway and Andrew Waddell of Gross Waddell.

Mr Greenway said the property drew strong interest from occupiers who were happy to hold the property as an investment in the short term until the tenant vacated

"All 3 bidders at the auction had future plans to occupy the property, both for retail and commercial uses," he said.

 The surrounding area comprises retail uses along the shopping strip plus medium/high density residential and commercial as well. 

Serviced by tram networks along Bridge Road, as well as Burnley and Hawthorn train stations nearby, the property is situated opposite an established low-density residential area.

There is also proximity to CityLink, providing access to Melbourne’s major road networks.

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