This article is from the Australian Property Journal archive
AN owner-occupier has pounced on two adjoining strata-titled retail premises in Port Melbourne, paying $1.13 million after the property was passed-in at auction.
The two single-level, self-contained shops of 58 sqm each at 350-352 Bay Street were previously owner occupied as an art gallery and sold on a reversionary yield of 5%, according to selling agents Anthony Choi and Michael Ludski of Teska Carson.
Choi said the property sold with a monthly lease over 352 Bay Steet, returning $2,127 per calendar month plus outgoings and GST, and 350 Bay Street vacant.
He said the rare entry-level opportunity offered a prime location with all the credentials of a first-rate investment, including Bay Street frontage, excellent exposure in a sought-after bayside location, and close proximity to public transport, major roads and the CBD.
Choi and Ludski acted on behalf of a private Melbourne investor.
Australian Property Journal
