Thriving Fruit Shop Sold for $900,000
A freehold fruit shop investment in the acclaimed Heathmont shopping precinct in Melbourne’s east has been sold at auction by Ray White Commercial for $900,000.
The property which has had the same tenant for 18 years at 178 Canterbury Road, Heathmont, was sold under the hammer to a developer by Ray White Commercial Victoria Nunawading Director Brett Diston on behalf of a private owner for a yield of 2.8 per cent.
Brett Diston said the retail site attracted strong interest with more than 100 people attending the auction.
“There was keen competition between three bidders for this property which has a long term tenant on a 5 + 5 year lease,” he said.
“The net rent from the approximately 94 sqm building on a 165 sqm site is approximately $26,000 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.
“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.
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.