Winning bidder for Bentleigh shop buys neighbouring property after auction

12 December, 2017 / Ryan Amler

The same buyer has snapped up side-by-side shops in the Melbourne suburb of Bentleigh in a speedy two-step sale through Ray White Commercial Oakleigh.

Both properties — 466A and 466B Centre Road — were scheduled to go to auction separately on December 6, with the corner site (466B) offered first.

Agent Ryan Amler says a local investor placed the winning bid of $600,500 for 466B Centre Road, which is occupied by a Chinese restaurant. A total of 24 bids were made by multiple bidders.

The shop next door at 466A Centre Road, which operates as a remedial massage service, was due to go to auction next but was taken off the table after quick negotiations.

“Within five minutes, the buyer had agreed to purchase 466A for $575,000 after he was offered the chance to buy it for the reserve price,” says Mr Amler, who marketed the properties with colleague Theo Karkanis.

“About 50 people attended the auction and we had more than 80 inquiries during the auction campaign.”

Mr Amler says the vendor had owned both properties for 20 years and originally occupied the premises to operate his financial business.

He vacated in 2010 and both tenants began 10-year leases, plus one 10-year option, in April 2010.

Located just off the busy Centre Road retail strip on the corner of Mitchell Street, the properties adjoin the rear of a Telstra shop and are close to the recently upgraded Bentleigh train station.