Bentleigh East Showroom/Office Sold at Auction for $1,498,000
A commercial showroom/office investment at Bentleigh East in Melbourne’s south-east which was on the market for the first time in almost two decades has been sold at auction by Ray White Commercial Oakleigh for $1,498,000.
The property with a long standing tenant at 934 North Road, Bentleigh East, was sold to a private investor by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local businessman for a yield of 5.4 per cent.
George Kelepouris said there was keen interest in the complex, which offered net rental income of $81,600 per annum.
“We had four bidders at the on-site auction and the property was sold under the hammer,” he said.
“This was an ideal investment opportunity with the property having an established tenant in Pro Light and Sound Bentleigh East, with a five-year lease in place.
“The owner originally was an owner-occupier before leasing the approximately 490 sqm building.”
George Kelepouris said the complex is a prominently positioned freehold on an unrivalled corner location on a land area of approximately 569 sqm.
“There is future development upside (STCA),” he said.