This article is from the Australian Property Journal archive
SIX parties put forward more than 80 bids a Kew strip retail investment sold for $1.641 million, more than $400,000 over the reserve and on an extremely sharp yield of 2%.
Teska Carson’s Jack Kelliher and Michael Ludski marketed 81A Willsmere Rd in Melbourne inner east, which drew more than 120 enquiries.
Located within Willsmere Village shopping strip, the property has a 400 sqm retail building on a 440 sqm site with commercial 1 zoning, and a wide 12 metre street frontage.
The property has five-year lease from December 2016 plus a five-year option to Kew Friendly Supermarket, returning a net annual rent of $42,841.
“The property was sold for the first time in more than 40 years underlining just how tightly held these properties have become and how rare the opportunity was,” Kelliher said.
“This was a great result for the vendor and reflected the pent up demand for opportunities on a popular strip as well as increasing interest in assets that that present future value-add or repositioning opportunities.”
Ludski said Kew had long been regarded as one of Melbourne’s most prestigious suburbs, offering every necessary amenity including some of Melbourne’s best schools, parks, shopping and café culture.
The property is also close to the Eastern Freeway providing easy access to Melbourne CBD and the suburbs.
