This article is from the Australian Property Journal archive
A PRIME retail freehold building in Elsternwick in Melbourne's south-east has sold for $1.7 million.
Fitzroys senior associate Mark Talbot sold the property at 357 Glen Huntly Rd Elsternwick on behalf of the Cooke family. He said it was the first time the property had been offered for sale in 26 years.
He said the sale price reflected a yield of 3.5% on the passing rent. It was sold with a short-term lease ending June 2015 to Community Pharmacy Friendly Society Limited, who have occupied the building for the last 10 years, paying $60,000 per annum plus outgoings and GST.
Set on a land area of 184sqm approx, improvements include a two-level 168 sqm building with rear parking for three cars.
Talbot said strong enquiry was evident throughout the campaign and appealed to owner occupiers and investors.
Australian Property Journal
