Record Result in Mount Waverley

305 Stephensons Road was sold yesterday at auction for $1,600,000 after six bidders fought aggressively to see the price smashed by almost $700,000 over the reserve. Stephen Speck and Stephen Gorman from Gorman Commercial sold the property in front of a crowd of over 100 as the stand alone shop eventually sold under the hammer on a sharp yield of 2.3% to a local investor. The property which had been held by the same family for over 40 years received over 100 enquiries with 50 requests for contracts of sale. Stephen Speck said, “we had not seen this level of enquiry on a property in sometime, but key factors such as rental growth and ability to add value to the 232 sqm site provided buyers with confidence in maximising their return in the medium to long term.”

Published in The Age Business Day Market Wrap 08/03/2017 by Simon Johanson