A retail property in Armadale, Melbourne has sold for $6.3 million to a local developer, highlighting the ongoing demand in Mebourne’s blue-chip eastern suburbs.

The result was brokered by Savills Australia’s Nick Peden, Clinton Baxter and Jesse Radisich, achieving a land rate of $7,701 per sqm with a yield of 1.32 per cent.

While there was concern involving the heritage elements of 923-933 High Street, Armadale, Peden noted the Melbourne team were able to secure an “outstanding” result.

“More than 110 parties were registered throughout the campaign and this transaction follows on from our recently sale of 941-951 High Street, Armadale, which sold for $7 million,” Peden said.

The property currently holds two retail tenants, with renewal options until at least 2023, returning a total of $83,280 per annum.

The sale represents the 55th Melbourne development site sale of 2018 by the team.

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