This article is from the Australian Property Journal archive
A LOCAL investor has purchased a retail property at Heathmont in Melbourne’s east leased to Crumbles Bakehouse for $1.08 million.
The property located at 180 Canterbury Rd Heathmont, was sold under the hammer by Ray White Commercial Victoria director Brett Diston on behalf of a private owner for a yield of 2.5%.
Diston said the offering attracted strong interest with more than 100 people attending the auction.
“There was plenty of competition for the property between four main bidders who recognised the investment potential due to the existing tenant and brand new five year lease,” he said.
“The net rent from the 165 sqm site is approximately $27,000 per annum plus outgoings and GST.
“As a high exposure site with a brand new lease, this property represented a solid and attractive investment,” Diston said.
Australian Property Journal
