This article is from the Australian Property Journal archive
A LOCAL couple has secured an Auburn Village corner investment over two titles with a lease to Rams under the hammer for $1.92 million, winning out from four bidders for the double-storey Victorian terrace in Melbourne’s leafy inner-eastern suburb of Hawthorn.
Gorman Kelly’s Aldo Galante and Mario Nobrega sold 623-625 Burwood Road and 143 Auburn Road. The 252 sqm site has a 315 sqm building tenanted by Rams on the ground floor, returning $72,467 per annum net on a long-term lease, and a vacant 157 sqm first floor.
The new owners will look to value-add by undertaking renovations to the first floor space and find a commercial tenant.
Australian Property Journal
