This article is from the Australian Property Journal archive
A PRIVATE investor has picked up a Blackburn retail property at auction for $3.625 million.
The 88-90 South Parade site comprises two single-level shops was sold by CVA’s Ian Angelico, Jarrod Moran and Stan Dawidowski, with the sale price reflecting a 3.5% yield
It was the first time the property had been offered to the market since being constructed by the vendors more than 30 years ago.
The agents said 90 enquiries were received for the property and six bidders at auction, with the eventual purchaser only requiring two bids to secure the site.
It was sold with leases to Subway and Barry Plant Real Estate, returning a combined $128,291.06 per annum plus GST.
Australian Property Journal
