Colliers Investment Services North West has sold a highly sought-after former Australia Post property in Glenroy. The property, located at 9-11 Post Office Place, Glenroy, was sold under the hammer after a marathon auction where eight bidders placed 128 bids and battled it out for over an hour. A local owner occupier finally secured the property for $3,001,000, a strong result representing 36% ($801,000) above the reserve price of $2,200,000.

Travis Keenan, Manager & Auctioneer, Melbourne Metro Sales | Investment Services, said, "The outstanding retail freehold asset in the heart of Glenroy's retail precinct attracted interest from a diverse mix of potential buyers throughout the campaign. The property is ideally located within the heart of the Glenroy retail precinct, within walking distance to the main retail strip and the newly upgraded Glenroy Train Station, demonstrating the utmost convenience for different types of businesses."

"Sitting on a significant Flexible Commercial 1 Zoning land holding of 978sqm*, the 448sqm* vacant property lends itself to a range of outcomes including future development (STCA), showroom, gym, hospitality, retail, event, community, and entertainment," added Mr Keenan.

The strong result highlights the demand in the area and motivates the strategic expansion of Colliers Investment Services into Melbourne's North West, where they recently joined the Colliers Industrial & Logistics team in Essendon Fields. 

"The result of this auction clearly indicates the rising demand for assets of this calibre in Melbourne's North West. We are seeing both local and interstate investors seeking to capitalise on commercial and retail real estate opportunities and economic potential across Melbourne's dynamic growth corridors," Mr Keenan said.

Matt Stagg, Head of Investment Services Victoria, commented, "The expansion of our Investment Services team to Melbourne’s North West is a testament to our ongoing commitment to service broader markets as Victoria's population grows. The Investment Services team located in Essendon Fields will specialise in commercial, retail, mixed-use, and social infrastructure assets (e.g., childcare and healthcare), servicing private, corporate, government, and institutional clients while leveraging Colliers' well-established industrial presence in the North West."