This article is from the Australian Property Journal archive
STRONG competition between local and offshore interest parties for a retail investment in Box Hill resulted in the property selling for $3.15 million on a tight yield of 3.6%.
Fitzroys agents David Bourke, Martin Huang and Terence Yeh sold the 607 Station St Box Hill property via auction and said it was one of 2016’s first tests for the retail investment market.
Bourke said there was demand from local and offshore buyers throughout the campaign, which culminated in multiple bidders at the auction in front of a strong crowd, with a local investor eventually winning out.
“This was one of the first retail investment marketing campaigns for 2016 and the result bodes well for retail investments with strong fundamentals,” he added.
Huang said offshore buyers particularly were continuing to express strong interest in well-located retail assets.
The Commercial 1-zoned property is improved by a part-single and two-storey building with an area of 19 0sqm, and was sold with a 5+5+5-year lease to the established and well-regarded eatery China Bar, currently returning $117,945 per annum plus GST and outgoings.
Yeh said the property’s viability was further underpinned by its strategic location adjacent to Box Hill Central shopping centre and railway station.
Australian Property Journal