This article is from the Australian Property Journal archive
ANOTHER retail property in the Mornington Peninsula region has delivered a strong sales result, with a hair and beauty salon in Mt Eliza changing hands at a tight 2.9% yield.
The 42 Mt Eliza Way property sold under the hammer for $970,000 after four bidders pushed the price $220,000 above reserve in front of a crowd of more than 60.
Zoned Commercial 1, the 147 sqm site has a 120 sqm retail space. It sold with a three-year lease to Master Hair & Beauty, returning $31,390 per annum.
Teska Carson’s George Takis and Luke Bisset sold the property.
Takis said the sale was yet another example of the very strong market for strip retail assets despite some negative market commentary around retail sales and the potential impact of Amazon.
“There is a huge thirst for retail strip property and particularly in precincts that are well organised, that are backed by local governments, and that offer a contemporary tenancy mix that reflects current trends,” he said.
Last year in the region, 185 Main Street sold at auction for $2.2 million on a 3.86% yield and 157 Main Street sold under the hammer for $2.9 million at 3.52%.
Australian Property Journal
