Savills secures the sale of Footscray's Spice 'n' Grocery

Savills secures the sale of Footscray's Spice 'n' Grocery
Savills secures the sale of Footscray's Spice 'n' Grocery

Footscray’s Spice ‘n’ Grocery premises has been sold at auction to a local private investor for $2.65 million.

More than 100 people turned up to watch four bidders contest for the 390sqm property at 49-51 Leeds Street.

The bidding started at $1.7million.

Savills Australia’s Julian Heatherich and Mark Stafford brokered the deal in conjunction with Trimson Partners’ John Verduci and Philip Mazzella.

“Selling for 47 per cent above reserve, this was a particularly hotly contested auction, demonstrating the burgeoning demand for retail assets in Melbourne’s inner-west,” Mr Heatherich said.

“The 2.21 per cent yield also highlights buyer appetite.”

Heatherich said the buyer recognised the value of the current six-year lease, which is returning $58,710sqm.

Stafford said the property presented “significant future upside” based on its Activity Centre zoning and location beside the Footscray Market and 100 metres from the train station.

Tags: 
Savills Retail Auction

Comments

Be the first one to comment on this article
What would you like to say about this project?