This article is from the Australian Property Journal archive
A RETAIL investment property at Doreen in Melbourne’s north-east has changed hands for $1.14 million on a record low yield of 4.3% for a strata shop in the suburb.
Fitzroys’ Chris Kombi and Dean Alexander sold the Shop 4, 100 Hazel Glen Drive, Doreen, under the hammer after spirited bidding from eight parties.
Fitzroys has now sold all six properties within this new retail development over the past few months worth a total realisation of $6.5 million including the La Porchetta tenancy for $2.9 million.
Shop 4 is leased to Care Dental Group for 7 x 7 x 7-years and is returning a net rental of $49,500 per annum.
Kombi said there was strong interest throughout the campaign in the property given its secure lease and positioning in one of Melbourne’s key residential growth corridors, with eight bidders competing on auction day.
“This retail development is strategically positioned in the City of Whittlesea, which is forecast to experience a population increase of more than 70% over the next two decades, including a number of new housing estates currently under construction in close proximity in Doreen and Mernda,” Kombi said.
Australian Property Journal
