SOLD
Sold on 27 Sep 2023 for $560,000

17/328 Reserve Road
Cheltenham VIC 3192

Bedrooms: -
Bathrooms: -
Car spaces: -
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Sold By
Tim Cooney
CVA PROPERTY CONSULTANTS PTY LTD
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Property Details for 17/328 Reserve Rd, Cheltenham

Building Type
Commercial
Local Government
Bayside
Lot/Plan
17/PS543206

Last Listing description (September 2023)

POINT OF INTEREST:

Acute (and local) investors will instantly recognise that this asset is located on Bayside's "better side" of the Nepean Highway, but that isnt just where the value lies. The leasing terms are a leading selling point on their own, with a four-year agreement in place beginning from January 2023, and a three-year option to follow. Youll receive $33,000 per annum in rental income for a boutique office that comes in at 102 sqm*, 3 car spaces allocated, and centrally controlled air conditioning. The Onyx cafe on-site services the impressive commercial hub number 17 presides in, but this spot is also surrounded by Cheltenhams best. Southland is a kilometre away, the associated railway station too, while Beach Road is only 2.2 km* from here. Bay Road is just around the corner and has eateries like The Food Yard and Bad Shepherd Brewing Co, with big-name retailers like Dan Murphys and Bridgestone getting in on the action.


- 102 sqm* building area.
- Commercial 2 zoning.
- 3 car spaces on title.
- 1 km* to Southland and the railway station.
- 1 km* from the Nepean Highway.

Tenancy Details:
- Leased to AN1 Media Pty Ltd
- 4 year lease from January 2023, with a 3 year option.
- $33,000 per annum leasing income.
- Annual4% increases, market review at option.
- Tenant pays all outgoings (Non-Retail Lease).

POINT OF VIEW:

Weve brought a strong tenant agreement, boutique asset, and Baysides premier location to the table. Bring us your portfolio and the table is set for nothing but success.

*Approx.
Pricing excludes GST

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Property History for 17/328 Reserve Rd, Cheltenham, VIC 3192

A timeline of how this property has performed in the market
Last Sold
$560,000
27 Sep 2023
Listed for Rent
$575/w
12 Sep 2014
  • 27 Sep 2023
    Sold for $560,000
  • 11 Jul 2023
    Listed for Sale Contact Agent
  • 10 Sep 2014
    Sold for $473,000
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About Cheltenham 3192

The size of Cheltenham is approximately 10.6 square kilometres. It has 26 parks covering nearly 19.1% of total area. The population of Cheltenham in 2011 was 20,291 people. By 2016 the population was 22,311 showing a population growth of 10.0% in the area during that time. The predominant age group in Cheltenham is 40-49 years. Households in Cheltenham are primarily couples with children and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Cheltenham work in a professional occupation. In 2011, 73.6% of the homes in Cheltenham were owner-occupied compared with 71% in 2016.

Cheltenham has 14,707 properties. Over the last 5 years, Houses in Cheltenham have seen a 32.80% increase in median value, while Units have seen a 17.29% increase. As at 31 July 2024:

  • The median value for Houses in Cheltenham is $1,209,188 while the median value for Units is $679,121.
  • Houses have a median rent of $690 while Units have a median rent of $538.
There are currently 45 properties listed for sale, and 37 properties listed for rent in Cheltenham on OnTheHouse. According to CoreLogic's data, 643 properties were sold in the past 12 months in Cheltenham.

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