This article is from the Australian Property Journal archive
A PASCOE Vale investment has sold at auction on a tight 3.9% yield.
The 224sqm site at 28 Devon Road in Melbourne’s inner north-west sold for $717,000 and comprises a building area of 170sqm, leased to King of the Sea fish and chippery, and includes a three-bedroom unit, rear laneway access and a garage.
CVA’s Craig McKellar sold the property following a campaign that received 82 enquiries, culminating in four bidders competing at auction through 64 bids before a Melbourne investor won out.
It was sold with future development potential and is one of eleven retail shops, with customer parking available.
Australian Property Journal
