IGA Fiercely Contested at Auction

Gorman Commercial’s Tom Maule and Jonathon McCormack are pleased to announce the sale of 342 Belgrave-Gembrook Road, Emerald via public auction for $5,560,000 which was sold on behalf of a private family. The property was extremely well received by the market place demonstrating strength and confidence from purchasers looking to acquire income producing assets. The auction was fiercely competitive with 5 bidders, pushing the price $560,000 over reserve and reflecting a yield of 5.8%. The vendors had owned the property for 25 years and it was sold to a private investor.