This article is from the Australian Property Journal archive
A MELBOURNE investor has paid $1.77 million on a yield of 3.9% yield for an Ashburton retail strip property with development upside.
Teska Carson’s George Takis, Fergus Evans, and Larry Takis sold 253 High St property, which attracted four bidders that drove the price well beyond the vendor’s reserve.
Centrally located in the tightly held Ashburton shopping strip, the property comprises a 167 sqm, double storey, building with a 117 sqm store on the ground floor and a 50 sqm health and beauty salon on the first floor, and is fully leased to two tenants with a net annual return of $70,904.
It is 229 sqm of land zoned Commercial 1, and has six metres frontage to both High St and a right of way at the rear.
George Takis said the strong result reflected the popular and very tightly held retail strip location, the multi-tenant lease profile, and the development potential with exposure to High St.
“The last property we sold in this precinct had been held for 50 years, underlining just how tightly held these properties have become and how rare opportunities for investors are.
“The property also offered the potential for future development which undoubtedly attracted a greater number of buyers.”
He said the area had grown substantially in recent years with an expanding population contributing to a stronger retail catchment and solid capital growth prospects.
