A landmark retail property in the heart of Oakleigh’s Eaton Mall has sold for $12.1 million.
The record sale saw a private investor snatch up the property in what was one of the most hotly contested auctions seen in Melbourne in recent years.
Offered to the market for the first time in nearly three decades, the corner site at 30-36 Eaton Mall attracted more than 200 attendees.
There was bidding from a field of high-net-worth investors before it was finally secured at a 2.58 per cent yield – a new low for the tightly held strip.
The sale was also the largest ever transaction on Eaton Mall, and only the fourth property to change hands on the strip in over 15 years.
“This is a true once-in-a-lifetime opportunity to acquire the premier corner of Eaton Mall,” said Raphael Favas of Cushman & Wakefield, who handled the campaign alongside colleagues George Davies, Daniel Wolman and Leon Ma.
The heritage-listed building is approximately 867 square-metres across two titles and has approx. more than 60 metres of mall frontage.
It once housed the State Savings Bank – and now hosts Chemist Warehouse, alongside three other tenants.
Davies noted the rarity of such a sale in Eaton Mall.
“This is only the third property to hit the market in the past 15 years, which speaks volumes about how tightly held and fiercely protected this retail strip is. With an average yield of 2.93 per cent over that period, this result at 2.58 per cent really shows the strength of demand for premium retail in Melbourne,” he said.
The property had been held by the same Melbourne-based private family for nearly 30 years.
