Allard Shelton in conjunction with Greg Hocking Elly Partners have sold Melbourne’s 3 adjoining shops at 55, 57 and 59 Ferguson Street, Williamstown, for a combined $4.662 million, at a building rate of $25,000psqm
The properties were auctioned in front of large crowd of in excess of 120 people.
“We are very pleased with the market’s positive response to our campaign.” Director Mr Ryan commented
“The result has again drawn attention to the market’s strong appetite for A-grade investments in Melbourne, both locally and off-shore.”
The properties we offered separately and achieved the following results:
- 55 Ferguson Street Sold for $1.35mill on a yield of 1.8 %
- 57 Ferguson Street Sold for $1 362mill on a yield of 1.8%
- 59 Ferguson Street Sold for $ 1.95mill on a yield of 2%
Director James Gregson commented, “amazingly the vendor purchased all 3 properties in one line only 2 years for $2,500,000. With a bit of strategic planning advice we were able to subdivide and reposition the assets. Offering the properties separately, appealed to a much bigger market”.
“The results highlight the immense strength of the sub 2million dollar investment market.”
Mr Ryan said off the back of the latest record results on Ferguson Street, “We have been appointed to sell 74 & 76 Douglas Parade, Williamstown at public auction on Thursday 7th December. The properties are superbly located in the heart of Williamstown’s retail core and will appeal to both investors and owner occupiers.”
The large retail shops of approximately 170 sqm each will be offered separately and are expected to sell for in excess of $800,000 each.
For further details please contact the office of Allard Shelton on 9654 3222.