A local developer has purchased a 1,745sq m high profile corner landholding and site of a former service station at 49 Military Road, Avondale Heights VIC from two private businesses on an unconditional basis for $2.7 million representing a 4.44% yield.
The property is zoned Commercial Zone 1 and is currently occupied by three different tenants on short term leases.
The deal was negotiated by Benson Zhou, Mark Stafford and Julian Heatherich of Savills Australia who said they received numerous offers throughout the campaign, with over 100 registered parties vying for the site and its significant future upside.
According to Benson Zhou, Director, CBD and Metropolitan Sales at Savills Australia “Throughout the campaign we received strong interest in the property, and numerous offers. Off the back of this interest we were able to secure an unconditional offer, despite the property’s’ recent history and use, which was a key requirement for the vendors.”
“Despite challenging market conditions, this sale further highlights the demand from high quality, active buyers looking for sites with value add potential.”
Learn more about Savills Metropolitan & Regional Sales.