Melbourne Commercial Property Market Remains Strong
Another significant high exposure site was sold during lockdown with 288-292 Whitehorse Road, Balwyn anchored by the ANZ Bank selling to a local investor for an undisclosed figure. Jonathon McCormack and Stephen Gorman of Gorman Commercial handled the sale and declined to comment on the selling price rumoured to be above $6 million.
With over 125 inquiries during the first few weeks of the campaign, and inspections restricted due to the current lockdown, the auction campaign was converted to expressions of interest. Six offers to purchase were submitted.
The substantial site of 686 sqm with frontages to Whitehorse Road and Rochester Road provided excellent future development opportunities (STCA) while enjoying the current income of $250,068 per annum.
Jonathon McCormack commented, “The strength of the Melbourne commercial market is evident in the quality of inquiry for this blue-chip high exposure Balwyn investment/development site.”