The local commercial property market has been facing its share of challenges recently, yet there are positive signs emerging, with several key sales and off-market transactions achieving strong results.
One of the standout off-market transactions was the sale of 75-77 Bell Street, Ivanhoe, a long-term leased car wash site with development potential. This property sold for an impressive $2.130 million, reflecting the continued demand for properties offering both income and future development upside.
Another significant off-market sale was 145-149 Bamfield Road, Heidelberg West, which secured an excellent result of $5.8 million. The property is returning $230,000 per annum, making it an attractive investment in the current market.
In recent months, there have also been some positive outcomes for our clients, with strong price growth achieved on several assets. 31 Brougham Street, Eltham sold for $1.050 million on a vacant possession basis. This was a significant return from its previous sale in January 2020, where it achieved $821,000—a clear indication that well-positioned properties in sought-after areas continue to perform well from a growth perspective.
Further to this, 59 Mologa Road, Heidelberg West sold at auction for $1.26 million, with two bidders actively competing. This auction result underscores that despite the challenging market conditions, competitive bidding is still alive for well-presented assets in the right locations.
Upcoming Sales Activity Leading to Christmas
As we approach the end of the year, the commercial property market continues to show resilience, with a strong line up of sales scheduled before the Christmas break. Key properties to watch include:
- 344 Darebin Road, Alphington – A modern warehouse set to hit the market soon.
- 88 Lower Plenty Road, Rosanna – Expressions of Interest closing on October 18th.
- 19 Temple Drive, Thomastown – Auctioning on October 16th.
- 27A & B Thornycroft Street, Campbellfield – Auctioning on October 17th.
- 26 Culverlands Street, Heidelberg West – Auctioning on October 17th.
- 35 & 47 Korong Road, Heidelberg West – Two key auctions in this industrial precinct, set to attract interest.
Each of these properties falls within the $1-$2M range and represents a valuable opportunity for buyers looking to invest in the Melbourne commercial property market.
If you would like to be kept informed of any off-market transactions or an update on evolving market conditions and how it affects your asset, please give us a call on 03 9497 3222.
