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150 enquiries, 80 bids, drives 3.24% yield

Finance Markets / Market Trends

Australia

Apr 11 2017

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April 10, Melbourne – Eighty bids from eight bidders pushed the yield on a Deepdene property to a tight 3.24 per cent following a frenetic Teska Carson marketing campaign which attracted more than 150 enquiries. 

According to Teska Carson’s Tom Maule and Adrian Boutsakis, the property, which offered  multiple income streams and development potential (STCA), was finally knocked down to a local private investor for $3.532 million. 

"The offering provided a rare opportunity to secure a commercial asset, with multiple income streams and tremendous development potential in a blue chip locality, it thus appealed to a wide range of buyers including off-shore interest," Mr Maule said.

The 68-72 Whitehorse Road property is located within a thriving retail shopping village in  Melbourne’s popular inner-eastern suburbs. It comprises 500 square metres of building area on a 654 square metre site zoned Commercial 2 with Whitehorse Road frontage of 13 metres, Barnsbury Road frontage of 48 metres and rear laneway frontage of 13 metres. There is also on-site parking for eight cars.

The property was sold subject to three leases with a total rental of $114,510 per annum. The tenancies include a large retail showroom, a two bedroom residence, and warehouse space.

Deepdene is one of Melbourne’s most affluent locations with a median house price of $2.23 million. The Commercial 2 Zone seeks to develop commercial areas for offices and appropriate manufacturing and industrial and limited retail uses. 

Mr Boutsakis said the location offered exceptional amenities including public transport, recreational facilities, several of Melbourne’s most highly regarded private and public schools, and quick access to major arterial routes. 

He said the area was keenly sought after by both investors and developers as a location offering secure investments and good growth potential based on increasing demand from a growing population.    

The vendor was a private Melbourne investor

 

About Teska Carson

Teska Carson, since its establishment in 1990, has consolidated itself as Melbourne’s most progressive and active estate agency, specialising in the field of prime commercial property. Teska Carson recently merged with Kliger Wood to form the largest privately owned commercial agency in Melbourne with a combined 100 years of service to the property industry. The acquisition has enabled Teska Carson to build on and enhance its reputation as a leader in its field offering the most comprehensive range of commercial property management and agency services with a database second to none. Teska Carson will continue its successful strategy of focusing on personal service and exceeding expectations in delivering outstanding results for the clients. 

SOURCE: Press Release

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