This article is from the Australian Property Journal archive
A PASSIVE investor has picked up a Hawthorn East retail property leased to The Butler Dry Cleaners and Purple Sands Asian Cuisine at auction for $5 million.
Located at 178-180 Camberwell Rd, the two single-level premises of a total 335 sqm is on a 602 sqm site and leased to the longstanding tenants until 2022, returning a combined $260,302 per annum net plus outgoings.
It sold at a 5.2% yield after attracting 55 enquiries and a crowd of 66 to the auction.
The sale price reflected a building rate $14,925 per sqm and a land rate of $8,305 per sqm.
Aldo Galante and Robert Kelly of Gorman Kelly sold the property.
Australian Property Journal
