This article is from the Australian Property Journal archive
A RETAIL investment property along of Melbourne’s tightly shopping strips has sold for the first time in 44 years, for $1.3 million on a tight 3.89% yield.
Fitzroys Chris James, Ervin Niyaz and Terence Yeh sold the 709 High St Thornbury property to a local investor.
The 158 sqm site sold with income from dual tenants, which include gourmet French eatery Café Flo on a new five-year lease and food production facility at the rear.
James said five bidders competed for the asset including two phone bidders, highlighting the ongoing buyer appetite for retail property in the region, renowned for its trendy and popular lifestyle and hospitality offering.
“The ongoing gentrification of this corridor has spurred the development of multiple medium and high-density dwellings, creating excellent rental growth potential for the property and generating further demand for retail and food and beverage operators along the strips,” he said.
Australian Property Journal
