Doncaster East Retail Investment Sold at Auction for $900,000
A tenanted retail investment in a tightly held precinct at Doncaster East in Melbourne’s east has been sold at auction by Ray White Commercial for well above the reserve price.
The property at 32 Jackson Court, Doncaster East, was sold for $900,000 under the hammer to a private investor by Brett Diston of Ray White Commercial Victoria on behalf of a private owner for a yield of 2.77 per cent.
Brett Diston said more than 120 people attended the on-site auction with 30 bids for the property.
“The auction arena was battled out by both investors and developers keen to secure the property with its luring features of a long lease and redevelopment potential,” Brett Diston said.
“The sale price of $900,000 was significantly above the reserve.”
Brett Diston said the 90 sqm building which is situated in the renowned Jackson Court precinct on a land area of approximately 274 sqm is located in a commercial one zone with no height restraints for future development (STCA).
“This property offers a fantastic opportunity to take advantage of the shortage of retail properties in the Shire of Manningham,” he said.
“The building’s tenant has a new five year lease in place with a five year option and the property is returning net rental income of $25,000 per annum.”.
In the dynamic and ever-evolving world of real estate investment, one key decision can make all the difference in the success of an investor’s portfolio: the choice of their management team.
A retail development site in the heart of Perth’s CBD has sold for $48 million. The 1,705sqm site at 96 and 110 William Street, and 255 Murray Street Mall was marketed by RWC WA agent Brett Wilkins.