Windsor building fetches $3.93 million at auction
A 600 square metre freehold office/retail building at Windsor has been sold for $3.93 million.
Located at 86-90 High Street the property was purchased by a private local buyer.
The property is a character-filled, double-storey corner building that is primed for owner-occupancy, investment or development.
It was sold by Colliers International agents Ben Baines and Jeremy Gruzewski at an auction.
It can be configured into a retail showroom, residential storage, office and car parking space, the property presents significant value-add opportunity under a Commercial 1 zoning with vacant possession.
Baines said the property appealed to a wide range of developers, investors and owner-occupiers.
“We received 180 enquiries and 25 requests for contract prior to the auction, with five parties competing at auction,” he said.
“This is the seventh property we have sold in the past six months in Prahran/Windsor.
“The strong demand for each opportunity is indicative of the successful gentrification that has occurred in Windsor over the past three to five years.”
Gruzewski said he had witnessed land rates in the area increase by approximately 45% during the past three to four years.
“The eventual purchaser saw great value in the current improvements and appreciates its underlying redevelopment potential as well,” he said.
