This article is from the Australian Property Journal archive
A PRIVATE investor has snapped up a securely leased retail investment at Burwood East in Melbourne’s east at auction for $1.48 million.
Teska Carson’s Tom Maule and Michael Taylor said the marketing campaign attracted 40 enquiries and five bidders from a 50 strong crowd.
Located within the Woolworths anchored Burwood Heights shopping centre, the Shop 9, 32-34 Burwood Hwy comprises 198 sqm of space.
The property was sold subject to a 10-year lease to long-standing lessee, Western Fruit and Vegetables Pty Ltd, at circa $120,000 per annum.
Maule said the property presented a well credentialed investment opportunity in an excellent location.
“The property has a number of investment attributes including its location in a thriving shopping complex, dual street access, more than adequate customer parking, and a long term lease to a well-established tenant with superb exposure to the Burwood Highway.
“It really ticked all the boxes for the ideal passive investment for the smaller investor,” Maule said.
Australian Property Journal
