This article is from the Australian Property Journal archive
A COMMERCIAL retail building at Carnegie in Melbourne's south-east has sold for $6.901 million, prior to the closing of an expression of campaign by JLL and Colliers International.
The sale price reflects a yield of 7.71%.
JLL’s Stuart Taylor and Stephen Bolton and Colliers International’s Jeremy Gruzewski and Ben Baines sold the property at 1030 Dandenong Rd Carnegie.
The property is a modern two storey commercial and retail building comprising 1,956 sqm of space on a 1,287 sqm land area. It is 100% leased including a new five-year lease term to national retailer Drummond Golf.
Taylor said the property received significant interest from local and national investors.
“Offers were received within the first week of the marketing campaign, with several buyers competing thereafter to secure the opportunity. The successful bidder was competing against several other unconditional offers made over a week prior to the scheduled Expression of Interest close,” Taylor said.
Gruzewski said the aggressive bidding tactics shown by investors in this public campaign reinforced the trend of unprecedented levels of demand for securely leased assets.
“The effect of these demand forces is being compounded by a distinct lack of quality Victorian assets being offered publically,” he concluded.
Property Review