This article is from the Australian Property Journal archive
MELBOURNE real estate agents Vinci Carbone Property has sold 11 assets in the past two weeks, totalling $19.25 million.
Director Frank Vinci said the agency auctioned 14 properties and the three properties which did not sell under the hammer are currently under offer.
Overall, the 11 sales were on average yield across the investment properties was 5.38%.
The strongest yield achieved was for a shop at 151 Martin St, Brighton which was sold for a price of $1.26 million reflecting a yield of 3.32% whilst the highest yield was achieved by the buyer of an older style 2 level building located at 245-249 Peel St, North Melbourne which was sold for $1.62 million reflecting on a yield of 6.2%.
“The last sale out of our campaign was a very modern 2 level office building situated at 8-19 Grattan St, Prahran which was purchased by East Melbourne accountant Joseph Chahin for $4.55 million.
“Chahin has been active in the development of inner city sites for the last 15 years. He has tended to concentrate of speculative transactions however, since early 2009, his focus has changed to larger inner city passive investment holdings that present medium term development potential,” Vinci added.
“Given these results and the level of enquiry which we received we are very confident about the depth of the property market in particular for investment and development properties,” he concluded.
Vinci Carbone’s sales success:
· 461-465 Mt. Alexander Road, ASCOT VALE: Sold for $1,582,500 on a yield of 5.89%
· 110-112 Whitehorse Road, BLACKBURN: Sold for $1,655,000 on a yield of 5.55%
· 580 High St, PRESTON: Sold for $1,610,000 on a yield of 4.28%
· 1285 Nepean Highway, CHELTENHAM: Sold for $1,600,000 on a yield of 4.63%
· 245-249 Peel St, NORTH MELBOURNE: Sold for $1,625,000 on a yield of 6.23%
· 758 Stud Road, SCORESBY: Sold for $705,000 on a yield of 5.36%
· 219-221 Normanby Road, SOUTHBANK: Sold for $2,720,000 on a yield of 5.39%
· 85 Franklin St, MELBOURNE: Sold for $838,000 on a yield of 5.86%
· 8-10 Grattan St, PRAHRAN: Sold for $4,550,000 on a yield of 5.88%
· 151 Martin St, BRIGHTON: Sold for $1,265,000 on a yield of 3.32%
· 4 Miles St, DEER PARK: Sold for $1,075,000. Vacant Land.
Australian Property Journal
