Spirited Bidding in Burwood Road, Hawthorn
Gorman Commercial has been quick out of the blocks with an outstanding result at 570 Burwood Road, Hawthorn. The original Commercial 1 zoned property of 330 sqm has been in the same family ownership for over 60 years with the same tenant, Tee Shirt Graphics for 50 years. The tenant had recently moved out.
Dean Alexander and Nathan May of Gorman Commercial auctioned the property in front of a crowd of over 80 people, with at least 10 parties actively participating. Spirited bidding resulted in the property selling for $2,760,000 showing an outstanding land rate of $8,363 sqm. Dean Alexander said, “The outstanding result was achieved by the pent up demand in the market looking for well-placed freeholds with development potential.”