Two-storey Burke Road Camberwell property sells for $360,000 above reserve

A ground floor shop with an upstairs dwelling has sold at auction on Burke Road, Camberwell, for $2.11 million – $360,000 above the reserve price. 

The sale was closed by Fitzroys director Chris Kombi, with the price reflecting a yield of 4.1%.

The two-storey brick building is approximately 168 square metres and is situated on a 184-square-metre lot.

The ground floor – with a 5.5-metre frontage to Burke Road – is occupied by New Zealand-owned brand Ziera Shoes on a five-year term from October 2011.

There is separate access to the first level, which features an un-renovated two-bedroom residence.

Kombi says there was heavy interest throughout the campaign and a large auction crowd on the day.

He says the strong sale price was further proof of improving sentiment among buyers.

The property is currently returning $88,484 per annum plus outgoings and GST.

Burke Road, Camberwell, boasts an array of Australian retailers including Sportsgirl, Witchery, Sussan and Just Jeans.