This article is from the Australian Property Journal archive
A HONG Kong private investor has snapped up a retail and office investment at Hawthorn in Melbourne’s inner east for $4.8 million on a 4.35% yield.
The 669-671 Glenferrie Rd property comprises a two-storey 293 sqm building with two retail tenants on the ground floor and offices upstairs on a 325 sqm site.
It was sold subject to three separate leases to Hooked on a seven-year term, Glenferrie Optical (three years) and an office tenant (five years), on rental of $210,000.
Selling agents Teska Carson’s Michael Taylor and Anthony Choi said the agency was approached after three other top tier agencies had failed to find a buyer through separate auction, EOI and private campaigns.
“Teska Carson had the advantage of more than 20 years experience in selling retail assets in the local market and the contacts and trust that come with that history gave us the edge in this instance.” Taylor said.
Australian Property Journal
