Bayside corner freehold in Melbourne’s Black Rock sells for 41 percent above reserve

A Black Rock corner freehold has sold under the hammer for $5.25 million, 41 percent above the reserve price. 

The 1,062 sqm site at 41B Bluff Road comprises a retail and office complex across four separate titles, returning $197,842 per annum plus GST.

Fitzroys agents Mark Talbot and David Bourke sold the property. 

Talbot said around 80 enquiries were received for the property from a combination of investors and developers. He said competition among six bidders pushed the sale price far beyond the reserve to close to $5,000 per sqm. 

He said a local buyer eventually won out, with the sale price reflecting a tight 3.7 percent yield. 

Bourke added that, “Black Rock Village is an established commercial hub with a surrounding catchment including the desirable suburbs of Beaumaris and Black Rock, with further traffic generated by its proximity to the Port Phillip Bay Foreshore Reserve and Half Moon Bay.”