A local property owner with multiple holdings in Prahran’s Commercial Road has snapped up a vacant New York-style freehold on the street with a knockout offer prior to the close of the Expressions of Interest campaign.
Fitzroys’ Lewis Waddell and Ben Liu sold 54-56 Commercial Road for $2.355 million on behalf of a local investor.
The property comprises a 412sqm blank canvas New York-style freehold on a 227sqm site within the sought-after Commercial Road showroom precinct, surrounded by excellent retail amenity including national showroom traders Officeworks, Volkswagen and Petbarn, plus the Prahran Market and the Greville Street shopping precincts.
The purchaser plans to initially occupy the property for their medical business, potentially with both pharmacy and pathology offerings across the ground floor and part of the first floor and will lease out the balance of the first floor.
“The site services an exclusive catchment of Melbourne’s most high-profile suburbs including Prahran, South Yarra, Toorak and Armadale, which underpins excellent trade prospects.”
He said highly functional vacant properties with strong leasing characteristics continue to be very attractive propositions in the market.
He added, “The campaign generated some really strong early enquiry and competition, mostly from developers and owner-occupiers, which led to a local owner putting forward a knockout offer,” Waddell said.
“The property is within a favourable Residential Growth Zone that encourages further residential development density, which is highly attractive together with the government’s push for more housing across the state.
“There’s a lot of faith in the underlying land value in inner city areas such as Prahran.”
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