This article is from the Australian Property Journal archive
A PIZZA shop at Glenferrie Rd Hawthorn, in Melbourne's east, has sold for $1.275 million on a yield of 3.1%.
Crabtrees Real Estate’s Matthew Marenko sold the 114 sqm strata titled street level shopfront at 813 Glenferrie Rd following an expressions of interest campaign.
“The result is also testament to the inherent value of retail holdings in prominent inner suburban retail and services strips like Glenferrie Rd in Hawthorn,” he added.
The property is occupied by a long established family owned pizza business trading as Colombo’s Pizza Express under a five year lease which commenced in May 2010.
The current annual rental is $40,144 net per annum.
The tenant holds three further five year options to renew the lease which includes automatic four percent annual rental increases.
There is also a small rear parking area and off street access.
Property Review
