Most people will recognise 697 Albany Hwy as the iconic “Hoods hardware & surplus” which operated from the property for many years. More recently it has been home to the Totally Work Wear Victoria park store. The property has not transacted in more than 30 years with the family operating the respective business from the property throughout this time.
The property is a 470sqm green title site featuring a substantial site coverage with approximately 380sqm of single level improvements. The sales campaign generated considerable interest given the sites central location being in close proximity to the park centre and newly constructed “Vic Quarter”. It sold at a price of $1,050,000 in what is considered a relatively affordable price tag for the area. Given the property was being sold with vacant possession and the favourable interest rate environment, majority of the interest came from owner occupiers. In addition many banks are now offering attractive LVR’s (loan to value ratio) for owner occupiers borrowing under $1 million which has stimulated the market around this price point.
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