This article is from the Australian Property Journal archive
AN inspired auction of a paint store in Oakleigh has seen eight bidders scramble for the retail asset, which sold for $8.81 million on a remarkably tight 1.70% yield.
More than 100 people looked on as the 1,520 sqm 55-61 Atherton Road property, on the corner of Atkinson Steet, in Melbourne’s south-east went under the hammer.
Zoned Commercial 1, it comprises a 687 sqm building and sold with a five-year lease to paint retailer Inspirations, with a return of $150,000 per annum from December.
Beller Commercial’s Fred Nucara, Glenn Ye and Liam Rafferty sold the property.
They said property represented an exceptional investment with future development potential.
Australian Property Journal
