Strong Result For Vacant Balwyn North Village Former Bank Building

Posted on 08th August 2022

Owner-occupiers and investors have competed for a versatile vacant former bank building in the prime of tightly held The Village Balwyn North, which sold at a sensational auction.

Fitzroys’ Chris James and Shawn Luo sold the prominent 410sqm building at 83-85 Doncaster Road, Balwyn North for an undisclosed amount under the hammer in front of a large crowd.

A private medical specialist looking to occupy the premises eventually won out from other owner-occupiers, including medical users, financial services and insurance firms, lawyers and popular local fruit and vegetables shop Signorelli’s, as well as investors, land bankers and developers.

The substantial part-single and two-storey building is on a significant 471sqm land holding with expansive 11.9m frontages to both Doncaster Road and a rear council carpark, and includes on-site parking with rear access. Zoned Commercial 1 and centrally positioned within the North Balwyn Neighbourhood Activity Centre, the property provided potential for multiple alternate use and development outcomes.

The property is next to an AmCal pharmacy and amongst Bakers Delight, Signorelli’s Fruit & Vegetables, Salzano’s Delicatessen, Australia Post, and a number of established eateries and service retailers.

“Properties in the prime of Melbourne’s high-performing shopping strips and local villages are clearly compelling opportunities across the market,” James said.

“We’ve seen a number of a these types of vacant properties come up for sale and typically they’re in prime locations within shopping strips and villages and attract strong interest.”

Luo said, “Owner-occupiers competing for vacant properties like this are always a big display of confidence in a property’s location.”

“This is a particularly tightly-held location with low vacancies so owner-occupiers were particularly prominent in the enquiry, looking to take the rare chance to acquire their own premises and get into the prime of strip.

“Balwyn North Village is located in one of Melbourne’s most highly regarded eastern suburban locations, servicing an affluent catchment and close to public transport, freeway network and schools,” he said.