If anyone believes Melbourne’s private investor community had gone into hibernation for the winter… they are decidedly wrong!
Yesterday, Allard & Shelton auctioned a simple retail shop at 128 Main Street, Croydon, in Melbourne’s east, drawing a crow of no less than 50 people.
According to sales and leasing executive at Allard & Shelton, Joseph Walton spirited bidding from four prospective buyers saw the property suddenly reach $830,000, reflecting a yield of just 4.30%.
Walton said the yield is a record for the precinct.
The property comprises a rectangular-shaped allotment of approximately 417 sqm with improvements including a single-level retail premises with a gross building area of approximately 125 sqm.
The offering benefited from a four year lease (with 3 further 4 year options) producing an annual income of $36,000 per annum.
Walton said the investor confidence in Melbourne’s retail sector continues unabated.
“This sales campaign drew an outstanding volume of enquiry – approximately 80 buyer calls, 79 of which are still in the marketplace looking for property investment opportunities,” Walton added.
“Now we just need to find more retail properties to keep the investor appetite contained.”
By Ted McDonnell
