This article is from the Australian Property Journal archive
A BAKERY shop at Centre Road Bentleigh East has sold at auction by Fitzroys for $924,000 on a yield of 4%.
Fitzroys selling agent Mark Talbot said the property was highly contested between several bidders.
“The property was perfectly suited to the astute investor, and was offered subject to a five-year lease that commenced in February 2010. Further options to extend the lease are available to the tenant.
“Investors were attracted to the four years of term certain remaining on the lease and the current rental of $37,515 plus outgoings and GST. Annual rental reviews were also included in the lease,” he added.
The property is currently leased as a bakery business and has a total land size of about 212 sqm, adding potential development opportunities at a later date. In addition, it has frontage to Centre Rd of about 5.79 metres.
The site was zoned Business 1 under the City of Glen Eira Planning Scheme.
Talbot also said the value of the property was further underpinned by a large IGA Supermarket and car park located in close proximity to the north of the site.
“The auction campaign generated an extremely high level of enquiry, demonstrating that demand is strong for retail investments in the inner south-eastern area of Melbourne,” he concluded.
Australian Property Journal
