25 AUGUST 2021
Despite shifting from an on-site auction to an online auction due to the latest COVID-19 lockdown, the vendor of 33 Cook Street, Flinders could not have been happier with the final selling price, and the effort put in by Nichols Crowder staff to obtain a record price for a commercial property in Flinders.
The 2,023sqm corner property comprising 10 retail shops and a large car park on 11 titles sold on auction day for in excess of $6 million, and nearly $2 million above the reserve price. With a land area of approximately 2,023sqm, this represents a price of around $3,000psm on the Land.
Demand for property in Flinders and the Mornington Peninsula as a whole has risen greatly since the start of the COVID-19 pandemic in March 2020. This has contributed to strong pricing growth across the region, particularly for quality commercial investments and development sites with value-add potential.
“Although forced to shift to an online auction, we were extremely proud and thankful to the 20 registered bidders who quickly adjusted to the shift in the process to online and participated strongly on the day. The campaign generated over 230 enquiries and shows the continued strength of the local buyer market.” explains Jamie Stuart, Branch Manager, Mornington office.
Tanya Scagliarini, Sales and Leasing Executive, adds, “All up, we had five separate bidders on the day, with the sale price representing a yield of around 2%, which we understand to be one of the strongest results for a commercial sale on the Mornington Peninsula in recent years.”
