The commercial market has begun in 2023 with a slow but steady pace, and we anticipate the release of twelve commercial campaigns in April and May, featuring some significant investment opportunities. We look forward to seeing the market response to these offerings and remain optimistic about the future of the commercial sector.
Property owners in Victoria are currently grappling with increases in Land Tax, marking the first changes made to the tax in over a decade. The new rates apply to properties valued between $1.8-3M, which have increased from 1.3% to 1.55%, while valuations over $3M have increased from 2.25% to 2.55%. As a result, many Land Tax assessments have undergone significant increases, and we have been providing guidance to numerous clients on whether an objection within 60 days of receiving the Notice would be viable.
In respect to sales results, an Expressions of Interest campaign for the property at 22-28 Malua Street, Reservoir attracted four interested parties, resulting in a sale price of approximately $6,000,000. We are delighted with this outcome and believe it highlights the strong demand for quality properties in the current market.
We are excited to bring to the market several development sites, including the highly anticipated 93 Hawdon Street in Heidelberg. This prime location offers 2,370 square meters of residential growth-zoned land and is expected to attract considerable interest, with an anticipated sale price exceeding $6,500,000. We welcome all interested parties to take advantage of this unique opportunity.
An office/warehouse with modern amenities, located at 36 Northgate Drive Thomastown and situated on 3,500 square meters of Industrial 1 zoned land, is now open for an expression of interest (EOI) campaign. The campaign is set to close on April 20th, with an expected price range of $3.65 to $4 million. The total area of the property is 1,750 square meters.
Several retail opportunities, namely a strata shop located at 122 High St Northcote in the Westgarth precinct and another at 139 Main St Greensborough, are scheduled to be auctioned on May 5th.
Industrial leasing enquiry remains extremely buoyant whilst there are some positive signs for retail in 2023, with some national brands now implementing an expansion strategy in some of our key activity suburbs.
Don't hesitate to reach out to our office if you have any specific requirements for your commercial needs. Our services encompass all aspects of commercial property, including sales and leasing of retail, office, and industrial properties. Whether you have questions about the current market, tax implications, or property valuations, we are more than happy to provide advice and assistance in any way we can.
