This article is from the Australian Property Journal archive
A RETAIL investment property leased to a fish and chip shop with redevelopment upside at Seaford in Melbourne’s south-east has sold at auction.
The 110 sqm building at 111 Railway Parade, Seaford, was sold under the hammer to a local investor for $552,500 by Ray White Commercial’s Ryan Amler.
The sale price reflects a yield of 3.4%. The tenant has exercised their final three year term which will commence in June, 2017 and rental is due to increase to $19,701.
Amler said the 222 sqm site with approved plans and permits for a three-storey development comprising four, two bedroom apartments and one retail shop attracted more than 100 enquiries.
“We had tremendous interest in this investment opportunity with approvals in place for a mixed-use redevelopment,” he said. “There were four bidders at the onsite auction and some keen bidding for the property achieved a sale price of $552,500.”
Australian Property Journal
