Kingsway site sells for $4m-plus; bakery there to stay
A piece of prime Glen Waverley real estate has been snapped up in a hotly-contested auction, selling for more than $4 million. Fans of the popular bakery on Kingsway fear it may be closing but the owner has a reassuring message for customers.
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The multimillion-dollar sale of the site of a longstanding Kingsway eatery has reinforced investors’ faith in the shopping strip despite the huge redevelopment of The Glen just down the road.
The site at 107 Kingsway, in Glen Waverley, home to Muddings Kingsway Bakery, sold for $4.07 million at a hotly-contested auction on October 11.
Marketed and sold by Ray White Commercial Glen Waverley managing director Ryan Trickey and sales agent Ben Ainsworth, interest throughout the campaign translated to strong bidding on auction day.
“We had six registered bidders battling and it took a massive 49 bids to move the opening offer of $2.6m all the way up to the $4.07m sale price,” Mr Trickey said.
The 185sq m site with a 132sq m building had been owned by the same family for more than 30 years.
Mr Trickey said the strong interest “further crystallised the want and desire for prime retail real estate in an activity centre like central Glen Waverley”.
“Just the turnout and amount of bidding from different groups is a reflection of that,” he said.
“Six groups bidding for the property, gives some confidence from around that. The depth, the desire for a good piece of real estate.”
Mr Trickey said while the more than $500m redevelopment of The Glen may have had an initial negative impact on trading in Kingsway, but “people still want to sit outside and enjoy the sunshine”.
“The Glen has probably only strengthened the desire for people to come to the area,” he said.
“With the volume of new commercial and residential offerings coming into the area, there are only going to be more and more people coming to Glen Waverley.
“The only issue here is carparking.”
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Meanwhile, bakery owner Scott Beverley wanted to reassure customers that they were “here to stay”.
“Customers have been concerned for the past month since the sign went up, but we do hold a lease and we are here to stay,” he said.
“We didn’t sell the business, we’re just tenants. We haven’t changed management.”
Muddings Kingsway Bakery has been under its current owners for almost 18 years.