Chinese investor snaps up Notting Hill commercial property

A Chinese investor has purchased a 1,966 square metre commercial land holding in Notting Hill for more than $1 million over reserve.

The property features two individual commercial office buildings of 971 square metres and comprises eight tenancies of retail/commercial nature.

Situated near the corner of Ferntree Gully Road & Blackburn Road, in the Monash commercial precinct, it sold for more than $4.5 million.

The sale represents a building rate of $4,800 per square metre and land rate of $2,375 per square metres, equating to a yield of 5.2%.

The property is 500 metres from Monash University and 1.2 kilometres from the Monash Freeway.

John Nockles and Ian Angelico of CVA brokered the deal and said that the multi-tenanted investment sparked interest from investors and developers.

Situated on a land allotment of with frontage to Ferntree Gully Road of 41 metres, it provides significant future development upside, they said.