Record Land Rate in Box Hill
Gorman Commercial sold 12 Ellingworth Parade, Box Hill at public auction for $5,300,000 in front of a crowd of more than 100 people. The auction was one of the most competitive in recent times, beginning at $3,000,000. With 10 bidders and 200 bids, the property was eventually sold for $5,300,000.
The result exceeded the Vendor’s reserve price by $1,700,000. This was a record land rate for the area of $10,000/sqm, which exceeds the previous land sale of $8,900/sqm. The property was bought by a Sydney based investor who is looking to hold long term. The yield reflected a sharp 2.3% for a commercial building.
With much discussion of the current market, this result is further evidence demonstrating the strength of particular sectors of the Commercial property sector.