Ray White Commercial Glen Waverley have secured the highest commercial sale in Glen Waverley for 2014 with the auction of 54 Montclair Avenue for $5.105million.
Over 100 people attended the 1pm auction today, with 11 registered bidders - more than 60 per cent of which came directly from the Ray White Commercial Glen Waverley database.
“Bidding started at $2million and went up by $100,000 increments before it came down to two bidders who battled it out. The sale price was considerably over reserve.
“Traffic actually stopped on Montclair Avenue as passers by took stock of the activity,” said Ryan Trickey, Commercial Manager.
“Ray White Commercial Glen Waverley have secured the two highest sale prices in the precinct this year. First with the sale of 75-77 Railway Parade in mid 2014 for $4.5m and now today’s result.”
Sitting on 808m² of land on Montclair Avenue and adjoining the tightly held Kingsway, the property offers the opportunity to create a high density mixed use development.
“Monash Council support the high density opportunity and have earmarked the site for redevelopment,” Mr Trickey explains.
“The property offers direct access to all areas of Melbourne, north or west via the east link, the monash freeway and Dandenong Road. Glen Waverley’s centre is only 19km from Melbourne CBD.
“The property faces north, with uninterrupted exposure due to the corner location and great
street frontage.”
Mr Trickey says that while the market is showing strength, there’s more to the sale than a hot market.
“We know who to talk to and have the process to achieve results. There’s no doubt the strengthening market is helping, but it’s also about understanding what’s happening now and future planning - it’s about selling a concept not just the dirt.
“The commercial precinct is changing. We know where it’s going and aligned with a solid strategy, we get results,” he said.
