This article is from the Australian Property Journal archive
A SYDNEY group has bought a Bendigo retail investment property for $965,000 at auction following a competitive bidding process between groups from across the country.
Gross Waddell agents Alex Ham and Benjamin Klein handled the sale of 269-271 Hargreaves Mall, and said the property attracted bidders from Sydney, Melbourne and Perth. The sale price represents a yield of 5.9%.
Improvements comprise a two-storey building with an area of 243 sqm, and is leased to clothing giant Cotton On, returning around $57,685 per annum on a five-year lease with options.
Ham said demand for retail assets across Victoria remain strong, with the demand for retail properties outweighing the supply.
“269 Hargreaves Street is the perfect example of the high level of interest with investors nationwide looking outside their vicinity to secure investment properties,” he concluded.
Australian Property Journal
