This article is from the Australian Property Journal archive
A RETAIL investment in Melbourne’s posh suburb of Toorak has sold for $726,000 at auction by Fitzroys.
The property shop 8, 521 Toorak Rd sold on a yield of 5.5%.
Fitzroys agents Chris Kombi and Charles Emmett handled the campaign on behalf of vendor Fedele Holdings Pty Ltd.
The property is leased on a seven-year deal to established tenant Mal Bradley Hair Salon, with an option for seven further years, and is currently returning $40,304.62 per annum plus outgoings and GST.
The property has a total building area of approximately 88 sqm, and forms part of Toorak’s signature mixed-use development, Toorak Place, a busy walk-through thoroughfare located in the heart of Toorak’s retail precinct.
Toorak Place is dual-fronted, multi-level building comprising 13 retail outlets, a large fitness centre, multiple office suites, 54 apartments and three levels of basement car parking.
Australian Property Journal
