Restaurant Investment Sold at Auction for $1,625,000
A tenanted retail investment leased to a popular Italian restaurant for more than 40 years in a tightly held precinct at Doncaster East in Melbourne’s east has been sold at auction by Ray White Commercial for $1,625,000.
The property at 38 Jackson Court, Doncaster East, was sold 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 2.9 per cent.
Brett Diston said more than 100 people attended the on-site auction with 34 bids for the property from seven bidders.
“There was strong interest in this iconic property in the Jackson Court retail precinct,” Brett Diston said.
“The property has been leased to traditional Italian pizza restaurant Pompeo’s for in excess of 40 years and currently they are on a three-year lease with three further three-year option terms and the current net rent is approximately $48,000 per annum.
“The approximately 176.9 sqm building has recently undergone renovations to provide a fresh look and added value for the next owner.
“Jackson Court is an established retail strip, known as Jackson Court Shopping Centre, and is wholly populated by commercial properties.
“Due to the dense surrounding residential catchments, it is a well-serviced and vibrant retail district with a large central car park for customers.”
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