This article is from the Australian Property Journal archive
A STRATA titled retail property at High St Prahran has sold before auction for $1.175 million on a tight yield of 5.6%.
CBRE City Sales agent Mark Wizel, Ed Wright and Rorey James sold the property at 205-207 High St Prahran.
Wizel said the sale price of $1,175,000 was above the reserve and equated to a very strong building rate of more than $13,000 per sqm, which is a record building rate for High St.
“More than 123 enquiries were received throughout the public marketing campaign, highlighting the pent up demand for well leased and located retail investment properties,” he added.
The 90 sqm strata-titled retail property is located at the ground floor of the recently developed Trilogi apartment building, which comprises 323 units.
It is leased to a Huxtaburger on a brand new eight-year lease with fixed 4% annual rental increases, returning a net annual income of $67,600 plus GST and outgoings.
“The sale of 205-207 High St is further evidence of the strong demand coming from buyers to secure these sub $5 million retail investment opportunities in the immediate fringe and suburban areas.
“The significant lack of buying opportunities combined with the record low cost of debt is spurring investors to compete fiercely to acquire these assets,” Wizel said.
Property Review
