This article is from the Australian Property Journal archive
AN investor with future development intentions has acquired a Mordialloc retail property for $3.42 million under the hammer, $120,000 above the reserve.
Offered for the first time in 41 years, the 225a-228 Beach Road property in Melbourne’s south-east bayside region attracted six bidders at auction and sold at a 1.6% yield.
Selling agents George Takis and Michael Taylor of Teska Carson sold the property on behalf of a Melbourne-based investor.
It is located on the corner of Main Street/Nepean Highway and has 400 sqm of retail buildings across four separate titles encompasses 651 sqm.
Takis said it attracted a strong field of investors, developers and owner occupiers.
“This is a brilliant location with excellent exposure and a substantial land holding with a wide frontage to a well-established and popular suburban shopping precinct with a very low vacancy rate.
“It was well suited to a wide range of buyers looking for a property with an existing income stream and capacity for growth along with the potential for further development,” Takis said.
Australian Property Journal
