Melbourne's Box Hill site fetches $3.15 million at auction

A prime site in Melbourne's Box Hill site has sold under the hammer to a local investor for $3.15 million through Fitzroys.

The 607 Station Street property is zoned Commercial 1 and has a part-single and two-storey building with an area of 190 sqm.

The sale reflected a tight 3.6 percent yield.

The auction was handled by Fitzroys agents David Bourke, Martin Huang and Terence Yeh.

“This was one of the first retail investment marketing campaigns for 2016 and the result bodes well for retail investments with strong fundamentals,” Bourke said.

Bourke said there was demand from local and offshore buyers throughout the campaign, with a local investor eventually winning out.

The property was sold with a five-year lease with two further options of five years to the eatery China Bar, currently returning $117,945 per annum plus GST and outgoings.

Yeh said the property’s viability was further underpinned by its location adjacent to Box Hill Central Shopping Centre and Railway Station.