Stand Alone Office Sold for $1,055,000Monday, March 30th, 2020
GrayJohnson has recently sold a stand-alone office located at 6 Churchill Street, Mont Albert for $1,055,000 at auction. This reflects a land rate of $8,000 psm.
Situated on the south side of Churchill Street, between Mont Albert Road and Stanhope Street, the freehold site comprises of 137 sqm approx of space and includes generous frontage to Churchill Street.
The result shows there is still life within the commercial market despite growing fears about the Coronavirus.
The sale has defied the growing uncertainty surrounding the market, producing a sale price above the vendors’ reserve.
The purchaser was a local owner-occupier who runs a financial services business.
The level of enquiry and subsequent auction turnout indicated parts of the market were still ‘alive and kicking’ amidst the climate of uncertainty created by COVID-19.
We are seeing good demand for assets in the $1 – $5 million price category (more especially in the east and inner suburbs.
This result demonstrated the strength of the owner-occupier market. Whilst some sectors have remained subdued this sector has continued to gain momentum. There is an obvious lack of stock and choice in the current market.
For further details, please contact Matt Hoath on 0418 543 714 or Rory White on 0439 655 504.