INVESTOR ADDS TO FERRY RD HOLDINGS
$1.43-million purchase at auction of this block gives Melbourne man a combined 1736sq m holding on Southport’s busy arterial road
A MELBOURNE investor has added to his holding on busy Ferry Rd in Southport by purchasing a site at auction next to his block for $1.43 million.
The 7-9 Ferry Rd property, located in precinct one of the Southport Priority Development Area, was sold at auction last week by the Department of Transport and Main Roads.
It was marketed by Mason Kidman and Lachlan Harris, of Avanti Commercial. The sale price includes GST.
The buyer is understood to be Joseph Lazar, whose company Rockmar Pty Ltd, also owns the block immediately south of 7-9 Ferry Rd at 11 Ferry Rd.
The new purchase gives Mr Lazar a total holding of 1736sq m.
Mr Harris said last week’s auction was well attended with five registered bidders.
He said the site is well situated for a number of developments.
“It would suit a large development such as a fast-food outlet with drive through or petrol station,” he said.
“The site also has the advantage of having dual-road access.”
Mr Harris said the sale, at $1531sq m (exclusive of GST), demonstrates the strength of the development site market in Southport.
“It goes to show the market for blocks of land with good exposure to main roads are still being very well received.”
The 11 Ferry Rd property is home to R and D Auto Services and Airconditioning.
In 2016, Rockmar received approval to build a 15-storey tower with 13 levels of residential apartments and ground floor commercial tenancies.
The development would have 52 units and two shops.
Ferry Rd has been a hive of activity in recent years.
A service station, leased to United Petroleum, was recently completed at 31-41 Ferry Rd. The property was built by Commercial Properties (Qld), linked to businessman John Bonnor.
There have been luxury developments too. A showroom for luxury marques Maserati and Bentley was also recently completed on the thoroughfare.
This vacant property at 7-9 Ferry Rd, Southport, has sold at auction.