Melbourne agent Allard & Shelton have successfully despatched a retail investment in Toorak Road, South Yarra, on a net passing yield of 4.59%.
The property auctioned late last week at 149 – 153 Toorak Road, on the corner of Darling Street, sold under the hammer for $3.92 million.
According to Allard & Shelton sales director Fred Nucara the two level building comprising of two ground floor shops, first floor office and a basement bar lounge, was purchased by a syndicate of local business identities.
The vendor was a deceased estate.
The property presently returns in excess of $180,000 net rental per annum.
Nucara added that bidding commenced at $3 million before rapidly rising to $3.25 million when the property was put on the market.
Two bidders duelled for the property before it was knocked down for $3.92 million.
Nucara commented that investor confidence in strip retail, especially within Melbourne’s inner suburbs, continues to grow.
By Kathryn O’Meara
