Owner occupier purchases former Westpac building in Lalor

An owner occupier has purchased the former Westpac bank building in the centre of Lalor’s shopping precinct for $2.455 million.

It marks the latest transaction of a vacant retail asset in Melbourne.

Fitzroys agents Terence Yeh and David Bourke sold 322-324 Station Street following a successful auction campaign that attracted more than 60 enquiries from investors and owner occupiers, with multiple bidders competing at the auction.

Yeh and Bourke acted on behalf of private investors who had bought the property in 1996 for $830,000.

The freehold asset comprises a two-level building of 850 sqm on a 520 sqm landholding that has 12.2 m of frontage to Station Street and 12.5 m to a rear laneway.

“Investors were attracted to the busy shopping precinct’s historically low vacancy rate, while owner occupiers were keen to take the rare chance to secure a strategically located, high-profile building in the heart of this busy shopping precinct,” Yeh said.

“This is a tightly held area of Melbourne, with one property coming to the market every few years.”

Bourke said the local operator is familiar with the location, having operated their business in the area for more than 10 years.

“Their purchase is a strong vote of confidence in the strength of this precinct and its future prospects,” he said.

Positioned within a major retail hub, neighbouring Coles, Commonwealth Bank, and Lalor Library, the property will benefit from sustained population growth in the surrounds and across the City of Whittlesea.

The sale continues the Melbourne-wide trend of vacant retail properties attracting strong attention from investors and owner occupiers. Fitzroys has just sold 371 Bay Street in Port Melbourne for $1.31 million to an owner occupier, following the agency’s sale of a two-storey Newport Village freehold to a first-time investor for $875,000 and a Harp Village building in Kew East for $1.2 million before auction.