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Mt Eliza retail sells 30% over reserve

Property Markets / Transactions

Australia

Feb 10 2018

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Four bidders have pushed the price of a securely leased, freehold retail investment at Mt Eliza to nearly 30 per cent over the vendor’s reserve, at a lively Teska Carson auction.

According to marketing agents, Teska Carson’s George Takis and Luke Bisset, the 42 Mt Eliza Way property attracted a 60 plus crowd and sold for $970,000 - $220,000 over the reserve – on a tight 2.9 per cent yield.

The property comprises a 120 square metre, open plan and self-contained, retail space on a 147 square metre site zoned Commercial 1 with nearly five metres frontage and rear access to additional parking. It was sold subject to a three year lease to Master Hair & Beauty at $31,930 per annum.

Mr Takis said the sale was yet another example of the very strong market for strip retail assets despite some negative market commentary around retail sales and the potential impact of Amazon.

``There is a huge thirst for retail strip property and particularly in precincts that are well organised, that are backed by local governments, and that offer a contemporary tenancy mix that reflects current trends.

``In this particular instance we also had an asset that sits within an area that has been very popular with investors recently,’’ Mr Takis said.

Teska Carson recently sold three investment properties at neighbouring Mornington including

a securely leased shop at 185 Main Street which sold at auction for $2.2 million on a 3.86 per cent yield, a retail property at 157 Main Street, which sold at auction for $2.9 million on a 3.52 per cent yield and a fully leased childcare centre at 18-20 Fleet Street, also sold at auction, for $1.365 million on a 4.2 per cent yield - $165,000 above the reserve.

 

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