This article is from the Australian Property Journal archive
A HUNGRY investor has snapped up a Russian restaurant in Elsternwick in Melbourne’s south-east for $1.5 million via an auction on a yield of 3.7%.
The 132sqm, Commercial 1 zoned site at 476 Glen Huntly Rd was sold to a local private investor following a competitive auction with five bidders.
Fitzroys agents Mark Talbot and Chris Kombi sold the immaculately presented 200sqm two storey building for $200,000 above the reserve on behalf a private investor, following a campaign that received more than 80 enquiries.
It was sold with a 3x3x3 year lease to popular Russian restaurant Nevsky.
Talbot said the precinct’s offering of national and well regarded local tenants and operators had benefited from numerous mixed use developments recently completed and in various stages of planning, bolstering the immediate residential catchment.
The restaurant site is diagonally opposite the 220-unit, seven level dual tower Coles supermarket development site.
Australian Property Journal
