Shop and dwelling in Melbourne's Kensington fetches $1.225 million at auction

A standalone retail and residential property in Melbourne’s north-west suburb of Kensington has fetched $1.225 million at auction.

The 513 Macaulay Road asset sold $125,000 over the vendor’s reserve to a Melbourne-based investor.

Selling agent, Teska Carson’s Anthony Choi said the “property was located in a tightly held strip with a low vacancy rate in an area earmarked for intensive urban revitalisation under the Arden-Macaulay structure plan”.

Located in the retail strip between Bellair and Epsom streets, the property comprises a solid brick shop and dwelling of 136 square metres on a 103 square metre site zoned Commercial 1. The retail and upstairs components have the potential to be accessed separately, thus the opportunity for separate tenancies.

Evans said Kensington was a sought-after suburb with demand driving a gentrification process.

“The property is well placed to benefit from the inevitable growth in capital values as demand for city fringe property increases,’’ he said.

The property was sold with vacant possession by a private investor.