Prominent Commercial Retail Investment Located in Ivanhoe’s Premier Retail Strip Sells to Value-Add Investor for $3,050,000

Gross Waddell ICR in conjunction with Australian Professionals Property Service is delighted to announce the successful sale of 173-177 Upper Heidelberg Road, Ivanhoe, with the sale price representing a yield of circa 3.7%.

The property comprises a double storey mixed use improvement featuring 3 retail shops, all leased to a fashion retailer and 1st floor office, leased to an architectural firm. The improvements offer a building area of some 475sqm across both levels and feature rear carparking for about 10 cars accessed via a rear R.O.W. The property occupies a Commercial 1 (C1Z) landholding of approximately 540sqm over 2 titles.

The property is located in the heart of Ivanhoe’s Upper Heidelberg Road retail strip which offers a range of amenities as well as both a Coles and Woolworths supermarket. The suburb boasts a current median house price of $2.1m (source: REIV), well known for its two private schools and located just 9km’s northeast of Melbourne’s CBD.

Gross Waddell ICR director Andrew Greenway said “173-177 Upper Heidelberg Road, Ivanhoe sold after a competitive second round EOI process was conducted with 3 buyers competing for the property.”

James Doherty, Associate with the purchaser Proxima Investment Fund said “We are not hesitant to purchase commercial properties on very low passing yields and have a strong appetite to take on properties that have short term leases, tenants in default or properties with vacant possession.”

“The campaign generated excellent enquiry across the 4-week marketing program resulting in over 70 groups enquiring, with all buyer profiles showing interest” said Alex Ham director Gross Waddell ICR.”