Deepdene mixed use property sells for $3,532,000

A 500 square metres of building area on a 654 square metre site in Deepdene, Melbourne has sold to a local investor for $3,532,000.

The 68-72 Whitehorse Road property is zoned Commercial 2 and includes 13 metres of street frontage to Whitehorse Road, 48 metres on Barnsbury Road and rear laneway frontage of 13 metres.

Marketing agents Tom Maule and Adrian Boutsakis of Teska Carson said they received 80 bids from eight separate bidders for the property.

They said the property offered development potential and was sold subject to three leases with a total rental of $114,510 per annum on a 3.24 percent yield.

The tenancies include a large retail showroom, a two bedroom residence, and warehouse space.

Boutsakis said the property was close to public transport, recreational facilities, several of private and public schools, and quick access to major arterial routes.

He said both investors and developers saw the location as an attractive investment due to increasing demand from a growing population.