SOLD UNDER THE HAMMER
16-18 Bay Road, Sandringham
On a glorious autumn afternoon in the beautiful beachside suburb of Sandringham, approximately 80 people attended the auction of two prime adjoining shops at 16-18 Bay Road. After a strong opening bid of $2.5 million, several groups quickly bid the property up to its winning price of $3.664 million through a total of 96 bids.
Set on land of 382sqm, the combined shops totalled 190sqm. While one was currently leased to a chicken shop, the second one that was also fitted out for a food service business was vacant.
“This property was in the same family for around 20 years,” says Julian Vautin, Sales and Leasing Executive. “It started out being run as an owner occupier business, before morphing into an investment. The new owners are likely to take it to the next level with a mixed-use development.”
Sally-Anne McQuillan, Sales and Leasing Executive, was not surprised by the strong result. “Sandringham is booming at the moment, and this property is in a premium location close to the beach, other shops, and the station,” she said. “With favourable demographics and a lovely family feel, the suburb will continue to attract new foodies and investment.”
For further details contact:
Julian Vautin 0420 406 660
Sally-Anne McQuillan 0400 203 203