This article is from the Australian Property Journal archive
A NEWLY leased double-storey retail property in Melbourne’s inner south-east suburb of Ripponlea has sold for $1.001 million under the hammer, 10% above reserve and at a sharp 3.49% yield.
Four bidders competed at the auction for the 77 sqm building located at 19 Glen Eira Rd, which sits on a 108 sqm site and returns $35,000 per annum.
Glenn Ye of Beller Commercial sold the property at around $13,000 per sqm.
“The popular and competitive bidding shows the strength in the local commercial investment market for SMSF buyers and first time commercial property buyers,” Yeh said.
Australian Property Journal
