This article is from the Australian Property Journal archive
A LOCAL investor has purchased a near-new mixed-use complex in Melbourne’s eastern suburb of Vermont for $5.9 million.
The fully-leased two-storey building of 1,334sqm at 580-584 Canterbury Road has a main road frontage of 26.8 metres and returns $296,619.80 per annum, with the sale price reflecting a 5% yield.
The property comprises 10 individually titled tenancies, including five ground-floor retail outlets anchored by Subway and Australia Post, four large two-bedroom first-floor residential apartments and an upper level commercial space.
The site covers 1,079sqm and has rear of way access, 19 car parking spaces and secure garages to the apartments.
Ian Angelico and Jarrod Moran of CVA sold the property, which generated in excess of 85 enquiries and seven offers.
The agents said the firm yield of 5%, or approximately 4.6% net after allowing for non-recoverable outgoings from the residential tenancies, demonstrates the strong demand from investors in the $5 million-plus range, which was only slightly lower than the expected sales result if the 10 individual tenancies were sold separately.
Australian Property Journal
