Former Dingley Village milk bar sells for $680,000

A local investor has paid $680,000 at auction for a retail shop and residential property within the Dingley Village retail precinct on Melbourne’s south-eastern bayside.

Sold with vacant possession, the 4 Pauline Avenue property comprises a single level shop with a one bedroom self-contained residence at the rear.

It sits on a 200 square metre site with two street frontages.

Teska Carson’s Anthony Choi and George Takis advised the property sold after a contest between three bidders on a land rate of $3400 a square metre, well above expectations.

He said the premises previously traded as a milk bar and was currently fitted out for retail occupation, however it was suitable for other uses such as food, speciality retail or office, subject to council approval.

Dingley Village has a Woolworths, BWS, Dingley Cellars, Nova Pharmacy, fast food operators and a number of professional services.

"Properties such as this in well-established retail precincts do not come up often and as such present a great opportunity for the small/entry level investor," Takis said.

The vendor was a private investor.