THE PAKENHAM Arcade was sold for $2.2 million last week.
A local investor, who already owns another shopping centre in Berwick and various other land holdings in the area, made an offer a day after the property was passed in at auction.
Selling Agent Facey Industrial’s Mark Bond said it was a good result after the property was passed in for $2.18 million the day before.
“It was a great result after the disappointing auction,” he said.
The arcade, in the town centre, consists of 10 shops and four occupied offices on the first floor facing Main Street.
With an annual income of $126,644 (5.7 per cent), Mr Bond says the Arcade has fairly good rental growth, and being a thoroughfare to the future Big W, Woolworths and the large carpark, it is good news for retailers.
“It really echoes the strength in the Pakenham town centre in the marketplace,” he said.
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