This article is from the Australian Property Journal archive
A RETAIL investment property at Hawthorn, leased to nursery retailer Baby Bunting, has sold for $6.751 million.
CBRE Victorian retail investments division’s Mark Wizel, Rorey James and Justin Dowers negotiated the sale of the property at 291-311 Burwood Rd Hawthorn, on behalf developer Caydon.
Wizel said the location, secure tenancy and lack of available investment grade assets were key selling drawcards. The 1,536 sqm ground floor space is leased to Baby Bunting for seven years, generating a gross income of $514,560 per annum.
“CBRE received more than 85 enquiries throughout the campaign, from a multitude of local, interstate and offshore investors keen to capitalise on record low interest rate environment.
“The property was sold to a local private investor for $6.715 million, representing a strong passing yield and an amount well above the vendor’s reserve,” he added.
The sale adds to the $225 million of retail investment sales completed by CBRE Victorian retail investments division since October.
Property Review
