Strong Appetite for Well-Placed Retail

The corner retail building at 473 Whitehorse Road and 19A Edward Street, Mitcham occupied by long-term iconic Wendy’s Bakery at the front and gym at the rear was sold at auction in front of a crowd of over 50 onlookers to a local investor. Spirited bidding from 4 groups broke out after the $1.4 million reserve was met with the property selling for $1,655,000 to a local investor. Gorman Commercial’s Dean Alexander said, “We received over 80 enquiries over the course of the campaign and despite the negative sentiments in the market place there is still a strong appetite for well-placed retail investment stock reflecting in this property selling for $250,000 over the Vendor’s reserve.”