This article is from the Australian Property Journal archive
A LOCAL Hawthorn East resident has purchased their local pizza eatery for $850,000, at a 4.7% yield.
Gorman Kelly’s Manny Galanos and Aldo Galante sold 493 Tooronga Road.
Three parties vied for the single-level 70 sqm property is zoned Commercial 1 was recently upgraded, and has a new five-year lease returning a net income of $40,019 per annum plus GST.
Galante said the purchaser was “delighted to buy a renovated, securely leased, hassle free investment”, while the vendor saw an uplift in value of more than 200% since purchasing the property in 2005.
