This article is from the Australian Property Journal archive
COMPETITION between eight bidders has taken the price of a Bay Street retail freehold in Melbourne’s popular bayside suburb of Brighton to 42% beyond reserve.
A local buyer eventually won out for the 352 Bay Street property with a bid of $1.75 million, reflecting a sharp 2.6% yield.
The winning bid was the 128th registered at the auction, held in front of more than 100 people by Teska Carson’s George Takis and Anthony Choi on behalf of a Melbourne-based investor.
The 120 sqm single-level open-plan shop and consulting room on a 200 sqm site sold with a new five-year lease with a five-year option to Salon Monde at $46,772 per annum plus outgoings and GST.
“There is no doubt that we remain in a very strong market for this type of property but when you get one like this that offers the best passive investment credentials it is going to draw a strong response and that was certainly the case here,” Takis said.
Australian Property Journal
