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Apartment block sells for $5.95m

Property Markets / Transactions

Australia

Jun 07 2017

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Simon Johanson, The Sydney Morning Herald

MARKET WRAP

SALES

East Melbourne

A block of 12 apartments at 2-4 Garden Avenue has sold for $5.95 million. Fitzroys' James Lockwood, David Bourke and Terence Yeh handled the campaign. Mr Lockwood said the three-level building with 12 fully refurbished, individually titled apartments and a rooftop entertaining deck with 360-degree views returned a total gross rental of $230,736 per annum and sold on a net yield of around 3.3 per cent. It was purchased by an investor with a long-term view of holding onto the property.

Forest Hill

Potential for development saw a commercially zoned corner block at 342-348 Springvale Road sell for $2.5 million. Ray White Commercial's Brett Diston said the 728 sq m property sold to a national developer. "The site is within a short distance of Forest Hill Chase and major Forest Hill residential developments," he said. Meanwhile, Ryan Amler sold a vacant two-storey commercial property at 3 Windsor Avenue for $943,000. The building has a ground-floor retail space with an upstairs renovated residence.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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