This article is from the Australian Property Journal archive
A CORNER site leased to a hand car wash business at Ferntree Gully has sold at auction for $2.31 million.
The 1021 Burwood Hwy property was sold by Gross Waddell’s Raoul Salter and Jamie Stuart via auction.
The 1,617 sqm property is currently leased to tenant Magic Hand Car Wash returning $132,000 p.a. net approx.
Salter said the auction attracted four bidders and in excess of 50 bids, with a local investor emerging as the winner.
“The campaign attracted significant interest primarily, from passive investors, but provided the chance not only to purchase a good cash flow investment but a ‘land bank’ opportunity for future redevelopment (STPA),” Salter said.
“We knew investors would be chasing solid yields however the auction result was extremely pleasing for our vendor,” Stuart said.
Australian Property Journal
