Glen Waverley Fitness First Snapped Up Before It Hits Market

A local investor has purchased a Glen Waverley retail asset leased to Fitness First for over $10 million prior to the start of the official sales campaign.

Colliers International’s Jeremy Gruzewski and Tom Noonan have sold a two-level, 2,205sqm refurbished gymnasium on a large land parcel at 1-3 Coleman Parade in Glen Waverley.

“A sales campaign for this property was due to launch this week, but after a phenomenal response from the pre-marketing release we received an unconditional offer that was too good to refuse,” Mr Noonan said.

“We had significant interest from buyers who missed out on our recent sale of a retail investment property leased to Fitness First in Highett, which was purchased by developer ICD Property for $15.6 million.

“These buyers jumped at the chance to acquire a similar asset in a very popular, tightly held suburb like Glen Waverley.

“The successful investor was very interested in the significant residential upside on offer at 1-3 Coleman Parade upon lease expiry, which provides long term development potential.”

The sale price of $10.53 million represented a yield of 6.87 per cent and an impressive capital value of $3,127/sqm on the 3,367sqm site.

Mr Gruzewski said Glen Waverley was one of the most popular up-and-coming suburbs in Melbourne’s east, with homeowners, investors and developers alike attracted to strong, sought-after schools in the area.

Mr Noonan said: “According to REA Group research, Glen Waverley topped a list of Australia’s 10 most searched suburbs by Chinese buyers on its myfun.com property portal in 2014.”