This article is from the Australian Property Journal archive
AN investor has paid $1.785 million on a 3.8% yield for a multi-tenancy retail and residential investment with development potential in Carnegie, in Melbourne’s south east.
Teska Carson’s George Takis and Commercial Bureau Real Estate’s Gideon Marcus sold 115 Koornang Rd after bidding from four parties at auction.
Takis said the strip retail sector is very popular with investors at the moment.
The property comprises a 220 sqm, two storey building including a ground floor retail tenancy, rear ground floor space, one-bedroom apartment, and a first floor, two-bedroom apartment. Combined net annual income from the three tenants is $67,860.
On 307 sqm, the property is zoned Commercial 1 and has rear access via Neerim Rd to on-site parking.
Marcus said the property presented an excellent opportunity for investors to gain a foothold within a coveted and tightly held retail and commercial precinct.
“Koornang Road, Carnegie is a well-known retail precinct, populated by leading national retailers including Woolworths, Aldi, all major banks, well-regarded eateries and many boutique stores.
“The property offered a great opportunity to break into that highly regarded and tightly-held market in an area which will continue to see strong capital growth on the back of continued residential and commercial development.”
The agents acted for a Melbourne based investor.
