Savills sell Balwyn retail premises to Chinese investor for $7.3 million
A Chinese investor has purchased retail premises in Balwyn for $7.3 million.
Savills Australia’s Benson Zhou, Jesse Radisich, Julian Heatherich and Glenn Ye brokered the deal for 313-315 Whitehorse Road at a record C1Z land rate of $10,181 per sqm.
Mr Zhou said that despite the noise on recent cooling down on residential market, the property has made more than $1 million dollars in capital gains within two years’ time.
The premise last sold in 2016 for $6.18 million a near doubling from it's 2013 sale price of $3.1 million.
”This transaction highlights the sturdy market competition between investors seeking income-producing assets that present significant future development upside potential,” Mr Zhou said.
The property is anchored by a bedding store, Back to Sleep, and a technology firm is called Websilk on level one, and generates a rental income of approximately $416,878 per annum.
