Oakleigh South retail property sold for $641,000

A two level, mixed use commercial property in Oakleigh South has sold under the hammer for $641,000.

The property at 676 Warrigal Road includes approximately 187 square metres of building space and about 60 square metres of retail or office area.

Paul Rizzo of Ray White Commercial Oakleigh said the property had redevelopment potential and was sold to a local owner-occupier on behalf of a local investor.

“This rare standalone property with commercial 1 Zoning on a land area of approximately 259 square metres offers the opportunity to renovate, occupy, develop or invest,” he said.

“There were three main bidders and the successful purchaser happens to be local developer.”