Shops Sell Faster than Pizza at Inverloch
Hundreds of people spilled out, over the footpath and on to the street as auctioneer Simon Henderson announced the start to proceedings.
The shops he said were in the perfect location, situated beside the popular Esplanade Hotel in a booming town where the population of 6526 swells to around 25,000 or more over summer.
The property offers “a huge 18.5 metre retail frontage and great exposure” divided into two retail shops with a combined 264sqm net lettable area.
The beauty salon includes “an immaculate, new, capital-intensive tenant fit-out, the pizzeria a long-established proven business with two new leases in place of five and three years respectively.
And there is the potential, subject to council approval, to develop the rear of the site, also with subdivision potential (STCA), and rental return upside.
It was a heady opportunity, and the interest came fast and tasty, just like the pizzas.
“We had 11 registered bidders and seven of them made a bid on the day. The others would have as well but it went ahead quickly,” said Raoul Holderhead of Burgess Rawson, selling in conjunction with Ray White Inverloch.
“We actually had 92 inquiries and issued 18 or 19 contracts, so there was a bit going on. Eight of the interested parties were from the Leongatha/Inverloch area.
“We understand the buyer has local connections as well.”
In the end, the property was sold for a pleasing amount of $1.530 million, which was good for the vendor, but also the buyer given the upside in the rental income over the years ahead.
“We were delighted with the level of interest of course, another strong vote of confidence in the future of a town situated so close to the south-eastern suburbs of Melbourne, and getting closer,” Mr Holderhead said.