This article is from the Australian Property Journal archive
A BOUTIQUE office property at Richmond in Melbourne’s city fringe has sold for $820,000 on a yield of 4.1%.
Teska Carson’s Tom Maule handled the sale of the 1B Gordon St property, which comprises a 185 sqm three level office building with secure on-site parking.
Maule said the marketing campaign attracted a strong response from both investors and owner-occupiers, including SMSFs, looking for well-located investments in the increasingly popular inner eastern suburbs.
“We had an enormous amount of enquiry from both investors and owner-occupiers looking to get into what is a very sought after market which has offered strong returns for investors and an excellent location for owner-occupiers who want close proximity to the CBD and a parking space without paying CBD prices.
“Ultimately the property sold to an investor who was well aware of the popularity of the local area and the very strong demand from tenants,” he concluded.
Australian Property Journal
