Glen Waverley bakery cooks up a storm at auction

A WELL-KNOWN bakery that has lived in Glen Waverley for more than 20 years had bidders putting their money where their mouth was, successfully selling under the hammer for $4,070,000, at 107 Kingsway.

The asset, that came with a 132sqm * building area and 185sq m* site area, had been in the same family for over 30 years.

The property was marketed and sold by Ray White Commercial Glen Waverley Managing Director Ryan Trickey and Commercial Sales Agent Ben Ainsworth.

Mr Trickey said the marketing campaign saw strong activity and enquiry throughout, and that translated into strong bidding on auction day.

“We had six registered bidders battling it and it took a massive 49 bids to move the opening offer of $2,600,000 all the way up to the $4,070,000 sale price,” Mr Trickey said.

“The bidding eventually got down to $1,000 bids – with the knock-out bid being just $5,000 – this highlights the competitive forum that is an auction.

“It has a long-established tenant in operation that has been there for more than 20 years, and the property itself has been in the same family for over 30 years, so it offered great security.

“Although not a record in Kingsway, the rental could be considered lower than the market, which gave a perception of value. Hence the $2,600,000 starting bid.”

Mr Ainsworth said the property was in the commercial heart of Glen Waverley and was renowned as a retail trading hotspot.

“Glen Waverley’s retail, accommodation and entertainment precinct is experiencing exceptional growth with a great mix of high street food and entertainment, mixed with a new shopping centre bringing more custom to an already strong location,” Mr Ainsworth said.

“The Glen shopping centre is undergoing a $500M+ re-development which is funneling new residents and businesses into this area.

“The property sits at the southern end of Kingsway, one of the best food and entertainment hubs in Melbourne’s East.”

*Approximately.