This article is from the Australian Property Journal archive
A LOCAL investor has acquired a retail and office freehold occupied by the Australian Red Cross in Melbourne’s eastern suburb of Croydon for $1.605 million on a yield of 5.3%.
Fitzroys Chris Kombi and Terence Yeh handled the sale of 114 Main St following a campaign that generated 140 buyer enquiries.
Set on a land area of 298 sqm, the Commercial 1-zoned site is improved by two-level building of 426sqm featuring three self-contained tenancies. It is anchored by Australian Red Cross Society on the ground floor with the building returning a combined return of $87,258 per annum plus outgoings and GST. The sale price reflected a blended yield of 5.3%.
“The property attracted strong interest from a range of buyers seeking to invest in a locality experiencing rapid growth with excellent future prospects for capital appreciation,” Kombi said.
Australian Property Journal
