This article is from the Australian Property Journal archive
AN industrial warehouse at Braeside in Melbourne’s south-east has sold under the hammer for $865,000 on a yield of 8.5%.
Ray White Commercial’s Paul Rizzo sold the property at 18 Endeavour Way Braeside for $100,000 above the reserve price.
Rizzo said the auction attracted a strong turnout for the warehouse, which was offered in an estate sale.
“There were four people bidding strongly for the property and we had around 16 bids with bids starting at $600,000.
“We finished at $865,000 which was a great result as this was more than $100,000 above the reserve,” he added.
The property is currently leased on a three-year term with a further two-year option returning an annual rental return of approximately $73,692 per annum.
Property Review