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Chinese investor buys Greensborough shops on 4.4% yield

Finance Markets / Latest Activity

Australia

Feb 05 2017

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February 6, Melbourne – A Chinese investor has paid $2.95 million on a tight 4.4 per cent yield for a fully leased Main Street Greensborough property with development upside, in a deal brokered by Savills Nick Peden and Jesse Radisich.

The single level, 86-90 Main Street property comprises three shops totalling 350 square metres on a 682 square metre site with ten car parks, in the heart of the Main Street retail precinct and Greensborough Activity Centre redevelopment, and directly opposite Greensborough Plaza.  

Mr Peden said the property, which was sold with a current net rental of $130,240, and at a land rate of $4325 a square metre, attracted a lot of interest from both investors and developers.  

``This property offered secure income from three longstanding tenants with excellent main street exposure in a fantastic location.

``It is also in the centre of a major retail and commercial precinct in Greensborough’s central activity centre and as such offered excellent potential development upside,’’ Mr Peden said.  

Mr Radisch said development plans for Greensborough centre, which has already seen the completion of a $50 million aquatic centre and several commercial/retail projects, included approved mixed-use projects in Main Street of up to seven levels. He said the location was also well served by public transport with Greensborough Railway Station and bus services within easy walking distance.

``This was the perfect retail investment and land banking opportunity in one of Melbourne's most active retail hot-spots and the price reflected that,’’ Mr Radisich said.

 

About Savills

Savills is a global real estate services provider listed on the London Stock Exchange. Savills operates from over 700 corporate and associate offices, employing more than 30,000 people in over 60 countries throughout the Americas, the UK, Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world. www.savills.com.au or www.savills.com. 

Follow @SavillsAus for the latest Australian and global real estate news and research.

 

 

 

SOURCE: Press Release

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