SOLD UNDER THE HAMMER
466 - 470 Hampton Street, Hampton
Three adjoining shops in the heart of Hampton Street, Hampton’s retail strip have sold at auction for $3.93 million. In front of about 50 people on a warm and sunny autumn afternoon, three bidders fought it out for the premium retail investment.
Set on land of around 670sqm, and with a building area of 270sqm, the property offers significant development opportunities (STCA) due to its elevated position with potential bay views.
“It’s rare to find a retail site like this in such a good location with so much potential,” explains James Glen, Senior Sales and Leasing Executive. “This was highlighted with the enquiry generated from its marketing, and its eventual sale on a low yield of 3.1%.”
“Interestingly, Nichols Crowder sold three adjoining shops at 470-474 Hampton Street in 2015 for $3.96 million,” adds Matt Nichols, Managing Director. “With both sites having short-term revenue streams and considered to be ripe for development, this highlights current pricing stability.”
Mr Nichols continues, “This type of property turnover is very important to rejuvenate some of the older aspects in Hampton Street, and bring it line with the shopping experience expectations of local residents.”