Investors Eat Up Crumbles Bakehouse
A retail site home to Crumbles Bakehouse on a thriving retail strip at Heathmont in Melbourne’s east has been sold at auction by Ray White Commercial for $1.08 million.
The property at 180 Canterbury Road, Heathmont, was sold under the hammer to a local investor by Ray White Commercial Victoria Director Brett Diston on behalf of a private owner for a yield of 2.5 per cent.
Brett Diston said the retail site attracted strong interest with more than 100 people attending the auction.
“There was plenty of competition for the property between four main bidders who recognised the investment potential due to the existing tenant and brand new five year lease,” he said.
“The net rent from the 165 sqm site is approximately $27,000 per annum plus outgoings and GST.”
Brett Diston said the site’s outstanding exposure and rear access in a proven retail strip in Melbourne’s east was also a major selling point.
“As a high exposure site with a brand new lease, this property represented a solid and attractive investment,” he said.
“The site sits within the prominent Heathmont Village shopping precinct on busy Canterbury Road among a number of cafes, restaurants, Heathmont IGA and other retail and specialty stores.”
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.
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