This article is from the Australian Property Journal archive
A PRIVATE investor has snapped up a South Yarra retail strata property leased to a gymnasium for $1.28 million.
The 10 Yarra St South Yarra property has a building area of 211sqm with an additional 43sqm and two car parks and was sold with a five-year lease to 45 Training gym returning around $88,000 per annum.
The sale price reflected a 6.8% yield.
Gross Waddell’s Alex Ham and Raoul Salter negotiated the deal, at a total floor rate of $5,039 per sqm.
Salter said that with yields tightening to record levels on freehold retail investment properties, private investors who are seeking more passive based investment are starting to focus in on strata retail properties, like 10 Yarra St, being located within prominent retail locations.
Australian Property Journal
