This article is from the Australian Property Journal archive
LOCAL investors have traded strata retail investment on busy Glenferrie Road in Melbourne’s inner-eastern suburb of Hawthorn for $1.9 million at auction.
Competition from bidders took the sale price of the 80 sqm 7/672 Glenferrie Road, Don Arcade, to 27% or $400,000 above reserve, and a floor rate of $23,700 per sqm.
Teska Carson’s Anthony Choi and Michael Taylor sold the property at a 4.8% yield, with a five-year lease and five-year option to Cupcake Central fixed 4.5% increases.
Choi said the property offered investors some very strong investment credentials, including a location which greatly assists the success of the tenancy, a solid lease agreement with rental increases, and a three level building which provides flexibility in terms of future tenancy options.
The property is located within the 14-shop Don Arcade, right next to Glenferrie railway station, and close to banks, major retailers including Woolworths, Swinburne University Student HQ and car parks.
Australian Property Journal
