Bendigo Bank site in Camberwell fetches $7 million at auction
A Bendigo Bank site in Melbourne's eastern suburb of Camberwell has sold for $7.03 million under the hammer.
It sold on a sharp 4.2% yield.
The 4 Prospect Hill Road property is a two-storey freehold building, with five-year leases to Bendigo and Adelaide Bank Ltd on the ground floor, and to CIPL Ltd over the first-floor office space.
The selling agents were Chris James, Chris Kombi and David Bourke of Fitzroys.
The 788 sqm building is on a 431 sqm site with dual frontages to Prospect Hill Road and the Market Place Carpark.
Bourke said the tenancy profile and dual frontages were key drivers and the sale reinforced the confidence in Camberwell Junction.
“The property is positioned near the Burke Road and Prospect Hill Road intersection, at the heart of the popular retail precinct, and the wider area has been the beneficiary of increased residential development on its doorstep,” he said.
“The introduction of developments such as Aerial, Solstice, Elmington, Middle Burke and others have recently brought hundreds of new apartments into the area.”
About 1,500 new apartments are in the pipeline around Burke Road and Camberwell Junction.