First Commercial Auction in Melbourne Since COVID-19 Restrictions Lifted

The property at 613-617 Bridge Road, Richmond sold for $5,575,000 at the first commercial auction in Melbourne since inspections were permitted. Stephen Gorman and Tom Maule said, “With over 100 people, this COVID-19 safe auction produced an outstanding result achieving a record 2.8% yield.” There is no doubt the future development value also created much interest with 7 genuine bidders. The property sold for $700,000 over reserve.