A MAJOR piece of commercial real estate in the Bendigo CBD has sold for more than $3 million.
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Abbott Arcade, which is home to seven traders, was sold last week after going on the market in May.
Tweed Sutherland First National Real Estate Bendigo commercial sales and leasing manager Tom Harrop said the sale showed the strength of commercial property in Bendigo.
"It was a very good result. The vendors are happy and the new owner is happy with it," he said.
"During the expressions of interest, we always hoped it would go in that timeframe.
"In recent times - the last six to 18 months - any property of that quality has sold via auction or within the expressions of interest period.
"It shows the strength in the Bendigo market."
Mr Harrop said the new owner was from the region who knew the area.
"The location was a big selling point as well as there being several strong long-term tenancies," he said.
"For them it is a quality investment in a great location. The buyer found it was an ideal location between Queen Street and Lyttleton Terrace - one of the strongest trading parts of Bendigo.
"There is no downside with the rentals (in Abbott Arcade) which appealed to potential investors. It is such a strong trading areas."
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Mr Harrop said the Abbott Arcade sale was the biggest commercial sale for some time.
"That's the best one for a while," he said. "There were quite a few sales of smaller-level properties.
"Bank rates are still somewhat low at this stage and the sale and leasing rate in Bendigo has been very strong for some time."
Mr Harrop said the commercial property sector in Bendigo continued to attract investors from all across the country.
"With any property sold there is interest from people from the local area, Melbourne and interstate," he said. "Bendigo has always been seen as one of the go-to places. Bendigo has been strong for a long time, even pre-pandemic.
"(COVID) hasn't slowed the market down. There has been an upside as far as residential sales go but also a strong run during the pandemic, commercially.
"It is impossible to say how long it will continue for - we don't know how high rates will go or how rapidly. If it is by smaller increments it won't have great effect but if there are big jumps, it will be different."
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