Four Groups Compete at Auction

Tom Maule and Stephen Gorman of Gorman Commercial sold 195A Middleborough Road, Box Hill South under the hammer for $1,000,000 on a building rate of $10,000 psm. Situated within a well-patronised tightly held suburban shopping strip, the property was purchased by a local investor. Tom Maule commented, “Yields continue to compress as stock tightens across the commercial property market. Despite the lockdown period, the property continued to enquire extremely well and was auctioned the first day of restrictions easing. Four groups competed at auction with the property selling for $100,000 over reserve on a 3.4% yield.”