This article is from the Australian Property Journal archive
A RETAIL investment with redevelopment upside in Mount Waverley has sold under the hammer on a remarkably sharp 2.0% yield.
Local investors traded the 188sqm 6 Andrew Street property in Melbourne’s south-east for $616,000, $160,000 above the reserve after competition between five bidders at auction.
Paul Rizzo of Ray White Commercial Oakleigh sold the property.
It sold with a long-term lease to a laundromat and returning $12,622 per annum.
“Mount Waverley’s rising status as one of Melbourne’s fastest growing and prestigious south-eastern suburbs ensured this property appealed to a range of buyers,” Rizzo said.
Australian Property Journal
