CVA have demonstrated returning developer and investor interest in Melbourne’s north-west with three recent sales. As the market heats up again following 2020, agent Leo Mancino secured multiple successes in the Sunshine region amid a market looking for opportunities.
The first and highest valued of the three assets sold was 147-151 Devonshire Road in Sunshine, which transacted to a local owner-occupier for $3 million excluding GST; representing a land rate of $1,285.00/sqm.
This highly sought multi use site provided a significant opportunity to acquire the land along with existing building improvements and revive its original use as a Service Station, Car Wash & Mechanical Repairs. The property will join the incoming owner’s already expansive interstate portfolio of service stations.
The campaign attracted over 80 registered buyers and received 15 competitive offers at campaign closing, showing an incredibly high demand for properties of this nature.
Mr Mancino said that, “many genuine and extremely qualified buyers were left over from this campaign who are looking to acquire similar opportunities with immediate purchase and quick settlement terms.”
The second sale took place in Sunshine North at 30 Steers Street, with Mr Mancino joined by colleague Matthew Alderman to secure $1.8 million for the industrial site.
The property was sold to an investor with a transport tenancy in place, taking full advantage of the two existing warehouses and generous concrete hardstand.
The third sale involved a commercial office suite at 30-32 East Esplanade in St Albans, trading for $380,000.00, with a building rate of $5,205.00/sqm.
The property was purchased by a local accountant who decided after many years of leasing in the immediate area, to purchase his own office suite with lift accessibility and two on site car parks.
Mr Mancino commented that “after this year’s pandemic events and many people continuing to work from home, we have received an upward level of enquiry on affordable, smaller office suites in good commercial locations.”
