Owner-occupier pays $2.5 million for former Moorabbin Shannon’s Classic Car auctions space

A Moorabbin office and warehouse facility has been sold pre-auction to an owner-occupier for $2.5 million.

The private sale was negotiated through Savills directors Gareth Jackson and Lynton Williams, in conjunction with Just Commercial.

According to Jackson, the former Shannon’s Classic Car auctions property was well suited to the purchaser’s requirements.

"The purchaser jumped on this property because it was so well suited to its requirements that it did not wish to let it go to auction and risk losing it,’’ Jackson said in a statement. 

He said the location on busy Warrigal Road also provided the purchaser with excellent exposure and ease of access for clients and staff.

The 321 Warrigal Road property comprises a modern, 1481 square metre building including a  two level office component with a quality kitchen and fit-out, and a clear span warehouse on an 1820 square metre site.

Explaining the pre-auction exchange, Jackson said the purchaser, who is also currently a tenant, had taken advantage of low interest rates to buy in what was a favorable market for owner-occupiers.

"Owner-occupation is a hot market at the moment across the south-east and particularly in the Moorabbin/Cheltenham region and we’re likely to see more such sales as opportunities arise,’’ Jackson added. 

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