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Tenanted Investment Opportunity Sold for $2.85 Million – 3.9% Yield

By Aaron Hivon

Tenanted Investment Opportunity Sold for $2.85 Million – 3.9% Yield

An office/retail property with a high profile national tenant and with potential for commercial redevelopment at Doncaster East in Melbourne’s eastern suburbs has been sold by Ray White Commercial for $2.85 million.

The property at 5/259 Blackburn Road, Doncaster East, was marketed and offered for sale at an on-site auction by Brett Diston of Ray White Commercial Victoria on behalf of a private owner.

Brett Diston said the auction attracted approximately 130 people and after some keen bidding the property currently leased to a Ray White real estate franchise was purchased an hour after the auction by a local investor and developer for a yield of 3.9 per cent.

“This was a blue chip investment opportunity with an established tenant with a long term lease,” Mr Diston said.

“The property currently returns a net income of approximately $111,854.17 per annum. The site also has plans and permits endorsed by the local council for a three storey commercial building.

“We had a number of interested parties including investors and developers before the eventual buyer settled at the purchase price of $2.85 million.”

Brett Diston said the well-appointed property offers approximately 310 sqm of retail/office plus 150 sqm of basement storage as well as 57 sqm of adjacent land.

“This property is in a high exposure position in a thriving shopping centre and is in close proximity to public transport, freeway access, Tunstall Square and Westfield Doncaster,” he said.

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