This article is from the Australian Property Journal archive
AN investor has picked up Shop 5, The Mall in Melbourne’s eastern suburb of Wantirna for $1.09 million at auction, $200,000 above reserve.
Teska Carson’s Matthew Feld and Jack Kelliher sold the property at a sharp 3.3% yield, following competition between seven bidders.
The 150 sqm shop, within the Ritchie’s Super IGA-anchored The Mall, is on a 183 sqm site with two on-site parking spaces, six metres of frontage and six metres access to a rear laneway.
It changed hands with a lease to Knox Realty, trading as First National Real Estate, currently returning $36,500 per annum net plus GST.
“This was a great opportunity to take advantage of a rare opportunity in a tightly held and very well attended shopping centre with zero vacancy,” Feld said.
Evans said the asset class appeared almost immune to factors such as the current investment downturn that have afflicted other property types.
Australian Property Journal
