A high-profile double-fronted freehold building in Melton’s main street has sold for $1.15 million at auction.
The property at 285-287 High Street was owned by the Commonwealth Bank which has moved to the new Woodgrove Shopping precinct.
The buyer is a local accountant, who intends to occupy the premises.
Agents James Gregson and Adam Lester, from Fitzroys, handled the campaign on behalf of the bank.
Mr Gregson said more than 30 parties showed interest in the property, which helped drive up the sale price.
He said the $1.15 million sale price was “quite large” and a “strong result” for the area.
“It’s a good price,” Mr Gregson said.
“[High Street] is a good solid strip… and it should continue to be a strong strip.”
Mr Gregson said the property appealed to many different buyer profiles ranging from developers to local businesses, because of its central position on High Street and the opportunity for development.
“The property offered opportunity to occupy, invest or develop, with excellent development and subdivision potential, allowing a purchaser to make their mark in a prime retail location in a major western growth corridor,” he said.
Mr Gregson said the sale last week showed there was confidence in the local market and Melton was an area of growth that continued to offer opportunity to local businesses.
