This article is from the Australian Property Journal archive
A CARLTON retail property has sold at auction to a private investor on a land rate of approximately $30,000 per sqm, reflecting the continued demand from both local and offshore investors.
A local private investor secured the 265 Lygon St property at auction for $3.96 million.
CBRE’s Rorey James said the onsite auction attracted a crowd of more than 200 people, with bidding starting at $2.4 million and receiving a total of 85 bids.
The freehold property, which sold for $1 million over the reserve, comprises a highly exposed building with prominent frontage to Lygon St, as well as rear laneway access. The property was sold with a six-year lease, providing an annual income of $148,567.
“The strong level of interest seen in this property is an indicator that core retail property will always be in demand, from both an international and domestic perspective,” James said. “Furthermore, the recent interest rate drop to 1.75% is fuelling more interest from investors looking to inject capital into real estate.”
Australian Property Journal
