Agents of Sutherland Farrelly have sold three Victorian properties of varying types in three different auctions over the past week.

A retail and residential building at Footscray, a performing arts school in Eltham, and an office and residential building in West Melbourne have all recently been sold via auction.

A partially-redeveloped three-storey building at 232 Nicholson Street, Footscray, with retail and residential space sold at auction for $1.82 million.

The property has a frontage to Nicholson Street of 12.9 metres and an overall site area of approximately 308 sqm.

The property has a planning permit for nine residential apartments and two retail premises, with six one-bedroom apartments, three studio apartments, a restaurant and a café expected to be developed.

Sutherland Farrelly selling agent, Michael Major, said that the campaign attracted more than 130 enquiries, which resulted in competitive bidding that pushed the price beyond initial expectations.

A part two storey office and warehouse at unit 1, 20 Peel Street, Eltham, sold at auction for $845,000, with its five-year lease to The Edge Performers School reflecting a yield of 6.67%.

Comprising of approximately 715 sqm, the property forms part of a six-unit industrial complex and is situated fronting to Peel Street.

The property’s five year lease with two three-year options that commenced in November 2008 generates rental of $57,000 per annum, exclusive of GST.

“The property was hotly contested due to the tightly held nature of the Eltham industrial market,” said Mr Major.

A two-storey Victorian terrace building, zoned Mixed Use and currently utilised as an office at 368 King Street, West Melbourne, sold at auction for $762,000.

The property is subject to a three year lease expiring at the end of July 2010 at a passing rental of $31,695 per annum plus GST.

“The campaign attracted interest from both owner occupiers for commercial use, passive investors and parties looking to convert back to a residential use,” said Mr Major.

The three sales follow the recent successful auction of three childcare centres at Ballarat, Bendigo and Kyneton by agents of Sutherland Farrelly, covered previously by the Australian Property Review.


by Mark Bristow: Monday October 19, 2009