BENALLA road is currently in the midst of substantial growth, with the latest sale of a hotly in-demand $4M+ commercial site accelerating the corridor’s exponential advancement.
The 82-88 Benalla Rd Midland Hwy site beholds four retail establishments, totalling 2183 sq m with 80m of highway frontage, on one title.
T & M Batteries, Konnect Fastening Systems, Stihl and CA Group occupy the site, which yields an annual net income of $183,179 pa + GST.
“It was sold by tender through expressions of interest and came down to a competition between two investors, one local and one not. A local developer/investor versus a pretty big national company went head-to-head,” said selling agent Rocky Gagliardi, of Gagliardi Scott Real Estate.
“We fielded over 120 enquiries Australia wide, with five serious tenders. It was only for sale for four weeks, and was a record yield, 4.44 percent.”
$4.125M was the final sold price, with the proximity to Bunnings Warehouse and potential for future development rendering it an attractive investment for tenders both locally and nationally.
Rocky spoke of increasing interest from national and multinational companies investing in Greater Shepparton, in particular the “golden mile” along Benalla Road where a number of commercial developments are progressing.
“Shepparton is a prime location commercial-wise, it has been for a number of years, even through Covid,” explained Rocky.
“This sale was a brilliant opportunity for the local buyer, considering it is increasingly harder to invest here given Australia-wide interest in these types of properties.”
