Pictured above: 64 Burwood Highway, Burwood
An owner-occupier has snapped up a prime Crown land parcel at the former Burwood Police Station. In a fiercely contested auction, 63 bids were placed, leading to an exceptional sale price of $3,125,000, $790,000 above the reserve.
Situated at 64 Burwood Highway, the corner allotment is zoned Commercial 1, allowing for an array of potential uses. The successful purchaser plans to capitalise on this prime position and 29,000 daily passing cars to expand their business in this prominent commercial corridor and deliver a tile showroom.
State Director of CBD and Metropolitan Sales at Savills, Julian Heatherich said, “The sale result being 34% above reserve is a true reflection that premium property delivers premium results, especially considering the turbulent market conditions we currently seeing.”
The sale was facilitated by Julian Heatherich, Benson Zhou, Tim Grant & James Latos of Savills Australia.
Four groups competed for ownership, representing a mixture of local business owners, investors, and buyers uncovered through Savills’ Asia Services Team.
“The auction was an intriguing back and forth battle and was well attended, which can be attributed to the prime retail location opposite recognisable retailers McDonalds, Mazda, and Coles Express” noted Mr Zhou.
“Despite the view of some pundits that the current economic climate is not favourable for smaller businesses, today was an indication that this may not be the case with the most aggressive bidders being occupiers seeking to commence or expand their existing operations” stated Mr Latos.
