Gross Waddell ICR is pleased to announce the successful sale of 321 Middleborough Road, Box Hill South, for $15,500,000, reflecting a yield of 5.21% (after land tax), to an offshore investor.
The large-format retail investment generated exceptional interest from both local and international buyers, attracting more than 140 enquiries and 7 formal offers throughout the campaign. The successful purchaser recognised the scarcity of securing a sizeable landholding backed by a diversified income stream in one of Melbourne’s most sought-after large-format retail precincts.
Situated on a substantial 8,076sqm* landholding across five titles, the property is improved by a significant retail centre and benefits from a strong tenant covenant comprising Genesis Gym, Legend Billiards Club, Handcrafted Kitchens and Europe Auto Imports. The asset’s scale, prominent exposure and strategic position within Melbourne’s eastern corridor were key drivers of buyer interest.
The sales campaign was managed by Michael Gross, Danny Clark and Glenn Ye of Gross Waddell ICR.
Michael Gross said the result highlighted the ongoing demand for large-scale retail investments offering secure income and long-term value.
“Opportunities of this scale are increasingly difficult to find, particularly within established metropolitan locations. Buyers were attracted to the combination of strong fundamentals, diversified income and significant underlying land value.”
Danny Clark added that investor demand remains strong for assets that provide both income security and future flexibility.
“The depth of enquiry received throughout the campaign demonstrates the continued appeal of well-located retail investments. Assets that offer scale, quality tenancy profiles and strategic positioning continue to outperform and attract competitive buyer interest.”
Glenn Ye said the transaction further reinforces the growing influence of offshore capital within Melbourne’s commercial property market.
“International investors continue to view Melbourne as a highly attractive destination for capital deployment due to its transparency, stability and long-term growth prospects. We received strong offshore enquiry throughout the campaign from groups seeking sizeable investment opportunities with secure income and strong underlying land value.”
“The level of competition from offshore buyers highlights the confidence international investors have in Melbourne’s retail property sector, particularly assets that offer scale, diversified income streams and exposure to established growth corridors.”
The result further reinforces the continued strength of investor demand for high-quality retail assets across Melbourne’s eastern suburbs, particularly those offering significant scale and long-term investment fundamentals.
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