Colliers International has sold 67-69 Maroondah Highway, the former site of Ringwood’s RACV retail outlet, offices and warehouse, for 45% above reserve.
Agents Jeremy Gruzewski and Jackie Hanna managed the transaction through a comprehensive expressions-of-interest campaign, which closed September 29.
“This outstanding result exceeds every expectation we had for the vendor,” Ms Hanna said.
The 883sqm site, commercially zoned under the Maroondah Planning Scheme, sits in the Ringwood Activity Centre with frontage to Maroondah Highway and rear carpark access from Seymour Street. It includes retail/showroom space, offices, staff amenities and a workshop/warehouse.
Ms Hanna said the successful purchaser recognised the vast potential in the property, particularly as it provided an excellent freehold opportunity.
“The sale of 67-69 Maroondah Highway, Ringwood showed extraordinary demand for Ringwood property,” she said. “Investors and developers are demanding assets such as this and being very competitive on paying a premium price for such sites."
Mr Gruzewski said the property was expected to garner significant customer traffic as part of the Ringwood Shopping Centre.
“Its accessible location, among several national-brand tenancies, is within easy walking distance of the newly developed Eastland and Ringwood station, Bunnings and Costco,” he said. “We expect the new owner to be extremely happy here.”