This article is from the Australian Property Journal archive
A NEWLY leased retail investment property at Pakenham in Melbourne’s south-east has sold under the hammer for $605,000.
The 135 sqm property at 5/58 Racecourse Rd Pakenham was sold to a private investor by Ray White Commercial’s George Kelepouris.
The sale price reflects a yield of 5.2%.
Kelepouris said the entry level retail investment opportunity had only recently been secured with a new five-year lease.
“The property is returning net rental of $31,714 per annum and investors could enjoy the comfort and security of the brand new five-year lease,” he said. “We received more than 25 enquiries for this property and three bidders at the onsite auction where the retail investment sold under the hammer.”
Australian Property Journal
