Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve

Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve
Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve

A Black Rock corner freehold has sold under the hammer for $5.25 million, 41 percent above the reserve price. 

The 1,062 sqm site at 41B Bluff Road comprises a retail and office complex across four separate titles, returning $197,842 per annum plus GST.

Fitzroys agents Mark Talbot and David Bourke sold the property. 

Talbot said around 80 enquiries were received for the property from a combination of investors and developers. He said competition among six bidders pushed the sale price far beyond the reserve to close to $5,000 per sqm. 

He said a local buyer eventually won out, with the sale price reflecting a tight 3.7 percent yield. 

Bourke added that, “Black Rock Village is an established commercial hub with a surrounding catchment including the desirable suburbs of Beaumaris and Black Rock, with further traffic generated by its proximity to the Port Phillip Bay Foreshore Reserve and Half Moon Bay.”

Tags: 
Property Development Commercial Auction

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