Fast Paced Transformation of the Inner Northern Suburbs Continues
A local developer has acquired a significant land holding at 885 High Street, Thornbury which was sold at auction for almost $700,000 over the reserve. The property which was sold fully leased returning approximately $70,000 per annum sold for $3,010,000 on a sharp yield of 2.3%.
Gorman Commercial’s Associate Director, Stephen Speck, marketed the property in conjunction with Jellis Craig Northcote, who said, “the property received a large amount of interest from local investors and developers.
While leased until 2023, buyers were taking a long term view in being able to secure a substantial property in this evolving retail strip. Following the impressive growth in neighbouring Northcote over the past 10 years, buyers were now seeing value in Thornbury and were looking to capitalise on this promising suburb. The buyer who has been active in residential development in recent years, was now looking to the commercial market where there has been a lack of retail and office development since the global financial crisis.”