Confident buyers invest in Shepparton
Three commercial properties in Shepparton have sold for a combined $9.3 million at auction in Melbourne.
The jewel in the crown was an undeveloped block of land on Wyndham St just north of McDonald’s, which didn’t go to auction — it will instead be sold by expression of interest.
The block measures 8547sq m and could accommodate a large development in a prominent highway frontage in central Shepparton.
Bidding for the new 7-Eleven site on Numurkah Rd, Shepparton, started at $5.1 million and in a dozen bids rose to $5.77 million before being sold.
The site has a long lease in place and an estimated annual net return of 5.57 per cent.
The site of the Shepparton Veterinary Clinic on Wanganui Rd attracted an opening bid of $2 million and eventually sold for $2,615,000, representing an annual yield of 5.43 per cent.
The site of the Kialla Veterinary Clinic sold for $985,000 after spirited bidding that started at $800,000.
The national auction was conducted by Burgess Rawson in Melbourne in conjunction with Gagliardi Scott Real Estate.
“Because the metropolitan yields are so low it has put regional centres on the map and because Shepparton is economically strong we are attracting buyers’ confidence,” Rocky Gagliardi said.
“There is a lot of investment happening in the area.”