This article is from the Australian Property Journal archive
A RETAIL investment property within the Polaris Town Centre in Melbourne’s north has sold at auction for $2.6 million on a yield of 5.5%.
Fitzroys agents Chris Kombi, Terence Yeh and Lewis Waddell sold the 2-6 Copernicus Crescent, Bundoora property, reflecting a building rate of over $10,600 psm.
Kombi said multiple bidders competed for the asset.
The property comprises a ground floor café and restaurant of 245 sqm, and was sold with a 5 x 5-year lease with 4% fixed annual increases.
Kombi said the set-and-forget investment attracted buyers across the investment spectrum, from experienced investors to new entrants, and those looking for a self-managed super fund investments.
“Following recent cuts to the official interest rate, investors are seeking strong income producing, securely-leased assets in locations with healthy growth prospects.”
Yeh said buyers were attracted to the offering’s quality fit-out, and its high-profile position within one of Melbourne’s strongest growth corridors.
“The property is ideally located to capitalise on population growth in the immediate vicinity and throughout Melbourne’s northern suburbs, and in its role as the closest retail precinct to La Trobe University, the southern hemisphere’s largest university catering for more than 40,000 students and staff.”
Polaris Town Centre comprises a full-line Woolworths supermarket, 34 specialty stores, childcare centre, medical facilities and more than 500 dwellings, which will increase to 1,100, offering a mix of apartments and townhouses, while Springthorpe and Lancaster Gate residential estates also adjoin Polaris.
