Sub $2 million Investments are in Super Strong DemandThursday, March 29th, 2018
GrayJohnson has sold at auction a prime retail investment at 32 Hamilton Street, Mont Albert for $1,260,000. This represents a sharp yield of 2.9%.
Spruiked as a ‘once in a lifetime opportunity’ the property has been held in the one family over two generations and leased to a long-standing butcher shop – Cornehls & Blackburn Butchers. This group has been in occupation since the early 2000’s.
The property was sold on a new 5 + 5 year lease on an annual rental of $37,344 pa Net with annual rental increases.
During the auction there was fierce competition with 5 separate parties competing for the property. The ultimate buyer is a local investor who was looking to grow their portfolio in the eastern suburbs.
Whilst there has been significant negative sentiment regarding the retail landscape, we believe small village strips abutting rail lines and high net worth residential property will outperform the wider market.
For more details on this sale, please contact Rory White on 0439 655 504 or Matt Hoath on 0418 543 714.