This article is from the Australian Property Journal archive
A RETAIL property at Mount Waverley in Melbourne's south-east has sold at auction by Crabtrees Real Estate for $1.51 million.
Crabtrees Real Estate agent Gavin Dumas said the sale price equates a yield of 3.4% and land rate of just over $10,000 per sqm, which is believed to be a record for the area.
Located at 63 Hamilton Place Mount Waverley, the brick retail property has an area of 148 sqm and is zoned Commercial 1. It has been occupied for over 40 years as a greengrocers shop.
It is currently tenanted under a three-year lease plus three further three-year options, from April 2014, at a current annual rental of $51,480 plus outgoings. The lease allows 4% annual increases.
Dumas said the property enjoys a central location in the thriving Mount Waverly village shopping centre.
“I was anticipating interest at more than $1.1 million as retail investments of this calibre and in a location where freeholds are rarely available are always keenly sought.
“This is exactly what happened before a large crowd and with eight bidders the hammer fell at $1,510,000,” he concluded.
Australian Property Journal
