Outstanding Investment Opportunity with Future Mixed Use Development Potential
Offered for the first time in 40 years, in front of over 100 interested observers, auctioneer Stephen Gorman from Gorman Commercial knocked down 80 Railway Road for a record yield for the area of 3%. Dean Alexander said, “ The underlying land value clearly helped long term landholders ignore yield for the comfort of securing nearly 700 sqm of land in this quality commercial 1 Zoned strip”.
“The recent permit on the Lexus site across the road is a game changer for the area”, said Stephen Gorman. “ This Blackburn area has forever been the industrial hub of yesteryear, although with new zoning and development, it’s an exciting market for long term buyers to be part of. “
The Lexus site has approval for three towers with over 180 apartments with commercial use which is a drastic change for the area. The sale price of $1,827,500 is a substantial record, although Mr Gorman believes it will be looked back on in the next few years as a bargain.