This article is from the Australian Property Journal archive
A MELBOURNE-based investor has answered the knock at the door, paying $1.68 million for the securely leased Richmond showroom of Designer Doorware at a tight 3.5% yield.
Teska Carson’s George Takis, Fergus Evans and Larry Takis sold 431 Church St.
Located between Lesney St and Swan St, the property has a 160 sqm building on a 148 sqm site zoned Commercial 1, with nearly six metres street frontage, rear laneway access, and on-site parking.
Four prospective purchasers bidded at the auction.
Designer Doorware has a five-year lease, with two five-year options with an annual return of $60,300 plus GST.
“The property offered investors an excellent opportunity to gain entry into a sought after and tightly held location which remains one of Melbourne’s most popular city fringe retail precincts.” George Takis said, adding the property offered the security of a lease to a long-standing tenant.
Evans said retail strips continued to attract crowds and multiple bidders.
“Strip properties that offer sought after locations, excellent street exposure, on-site parking, and secure leases continue to attract investors.
“While Melbourne’s population continues to grow and drive commercial development and provide opportunities for retailers, investors will keep coming.”
