Melbourne retails sell well

Melbourne's retail investment market continues its surge with the sale of almost $7 million worth of strip retail properties by Teska Carson in the past month. The latest sale involved the Armadale Pharmacy, at 1195 High Street, Armadale, for $2.36 million. The yield was 3.86% on net income of $91,000. The tenant has a five-year lease with three further five-year options.

The deal was done by Michael Ludski.

Other Teska Carson deals were at Doncaster ($615,000), Frankston ($1.56 million) and Fitzroy ($2.31 million).