This article is from the Australian Property Journal archive
A RETAIL investment at Bentleigh in Melbourne’s south-east has sold auction for $2.9 million on a tight yield of 3.4%.
The 378-380 Centre Rd Bentleigh property was sold by Fitzroys agents Chris Kombi and Mark Talbot, on behalf of vendor Sustek Holdings Pty Ltd.
The price reflecting a land rate of $6,430 per sqm.
Kombi said a land-banking investor purchased the site following enquiry from a mix of local and overseas buyers.
Talbot said the strong enquiry and result reflected demand for well-located, versatile retail sites along Melbourne’s shopping strips.
“The site is situated close to numerous multi-level mixed use development projects,” he said.
The high profile, double-fronted site at 378-380 Centre Rd is on 451sqm of land and comprises a 440sqm builder comprising ground floor retail area plus first floor office. It was sold with a short-term passing income of $100,000 per annum.
Australian Property Journal
