Small shop sold for 5 MILLION plus in Kingsway signals strong growth potential in Glen Waverley

A small land measuring 186 sqm is accompanied by a compact single storey building of 135 sqm. Plus the tenant leases have expired, resulting in the property being vacant after the auction.

However, on the 3rd of May 2023, the onsite auction for 96 Kingsway, formerly known as the MS Community Shop, was remarkably successful, as it was sold for $5,015,000. This translates to a building rate of $37,148.15 per square meter and a land rate of $26,962.37 per square meter. The estimated net yield is significantly less than 2.5%.

The successful auction and high sale price of Kingsway indicate a strong positive outlook for the property and investment market in the Glen Waverley especially the Kingsway area. Both rate and yield suggest a favorable market sentiment and potential growth opportunities in the region.