This article is from the Australian Property Journal archive
A RETAIL investment opportunity with future redevelopment upside (STCA) at Wantirna South in Melbourne’s east has sold at auction $1.435 million on a 4.1% yield.
The 137 sqm tenancy leased long term by a hair salon at 448 Burwood Highway, Wantirna South, was sold to a local investor by Ray White Commercial’s Paul Rizzo.
“This investment property generated nationwide interest with one of our interested parties a registered phone bidder from Queensland.
“We had a great turnout for the on-site auction and a total of eight bidders. After some of the most competitive bidding we have seen for some time, the property was sold under the hammer for $1,435,000 which was almost $280,000 over the reserve,” Rizzo said.
The property is on a land area of approximately 183 sqm and has future value add/development potential (STCA). It is currently returning net rental income of $58,833 per annum and a five-year lease was commenced in February, 2016, with a five-year option.
Australian Property Journal
