This article is from the Australian Property Journal archive
A SECURELY leased Caroline Springs retail investment property has been snapped up before the deadline close date.
Fitzroys’ Ervin Niyaz sold 106 Gourlay Rd in Caroline Springs for $675,000, on behalf of a private owner.
The 100 sqm property was sold with a five-year lease with a five-year option to restaurant Dal Roti Boti that returns $42,640 per annum plus GST.
Niyaz said the property attracted more than 55 enquiries from private investors, self-managed super fund investors, and newer entrants.
“The range of investor types that showed interest reflected the strong fundamentals of the asset, leading to a sale before the deadline close date.
“Investors are looking for well-located, securely-leased Melbourne retail properties that present solid income-producing opportunities in the low interest rate environment. The property offered also a good-quality fit-out, and a high profile position within one of Australia’s strongest growth corridors, underpinned by surging residential development and affordable housing,” he concluded.
