$300k over reserve paid for Ormond gym

A Melbourne private investor has paid $300,000 over reserve for a leased property with five year options at a rental of $74,618 per annum net.

Sold at auction for $1.346 million the property, 1 Newham Grove, Ormond, is 665 square metres with a 37 metre frontage. 

Teska Carson's Andrew Thorburn said the property had been used as a gym for over 25 years.

"Ormond has become a sought after suburb with a level of demand that has seen the median house price exceed the $1.1 million mark - 10% higher than last year and rising - and it would not surprise to see commercial property values reflect that sort of growth,’’ Mr Thorburn said.