This article is from the Australian Property Journal archive
AN Asian investor has snapped up a retail property investment at Bay St Port Melbourne for $1.97 million on a 3.8% yield, in a deal negotiated by CBRE.
CBRE’s Rorey James, Tom Tuxworth and Nick Lower sold the property at 99 Bay St Port Melbourne via auction.
According to the agents, there were seven bidders and the sale price reflects a building rate of $17,281 per sqm.
The 114 sqm property is leased to cafe and restaurant, The Foxes Den, on a five-year lease with two further five-year options, commencing 1st December 2012, with 4% annual increases. The net annual income is $77,875 p.a. net plus GST and outgoings.
The property also includes one car parking space on title.
CBRE recently listed another retail investment opportunity at 291-311 Burwood Rd Hawthorn. The 1,536 sqm property is fully leased to Baby Bunting for seven years until 2021, returning a net income of $456,000 p.a.
According to the agents, the corner property has a 118-metre frontage, allowing future development.
The campaign will be closing on the 29th October.
Australian Property Journal