Reserve Smashed For In-Demand Corner Freehold

Posted on 13th October 2021

FTZ 43 CHUTE 6074 crop

Investors, developers and owner-occupiers alike have competed for a vacant corner property in Diamond Creek Village, demonstrating the demand for well-located assets in popular neighbourhood strips.

Fitzroys agents Lewis Waddell and Chris James sold 43 Chute Street for $1.575 million following more than 70 enquiries and a hugely competitive online auction that saw nine bidders and the reserve price smashed.

Waddell said the eventual purchaser is a nearby dentist who will look to refurbish and occupy the prominent 250sqm building, on a 289sqm site zoned Activity Centre.

The property is in close proximity to national retailers Shell, F45, Bottlemart, McDonald’s, IGA, Mitre10 and Coles, as well as Diamond Creek train station.

“There is pent-up demand across the market for quality opportunities, and investors, developers and owner-occupiers are all making enquiries for well-located assets in popular neighbourhood strips,” Waddell said.

“During intermittent lockdowns, Melburnians have been reconnecting with their local villages, which have been the place to go to get a coffee, something to eat or to do some shopping and break up the day.”

James said online auctions for retail assets across a range of price points continue to be embraced by all parties and are achieving strong results.

“Huge enquiry and recent successful Fitzroys online auctions of other commercial properties have given all parties confidence a strong outcome can be achieved, and we have more evidence in this result,” he said.