June 09, 2017

Record Frankston Return

SOLD $1.29 million

The auction of a prime retail property at 98 Young Street, Frankston has produced a return of 3.4%, likely to be a record for the area.  In front of many attendees, three bidders made a total of 28 bids to take the price to $1.29 million.  This was $340,000 above the reserve, with the buyer being an investor.

The partly refurbished building of 183sqm on land of 340sqm has a 9 metre wide frontage and a gated parking area at the rear.  It is currently leased to Campbell Page, a disability employment services provider to the Australian government.  Further, the property is located within the State Government's $63 million Frankston Station Precinct Redevelopment zone.

Sales and Leasing Agent, Linda Ellis of Nichols Crowder, says, “Demand for quality commercial properties in the Frankston and surrounding regions has been strong over the first half of this year.  This is shown with the return of 3.4% for this property being at record levels, and is the result of solid bidding by several potential buyers.”