Berwick Retail Investment Sold at Auction for $1,040,000
A retail investment with redevelopment potential (STCA) at Berwick n Melbourne’s south-eastern suburbs has been sold at auction for $1,040,000 by Ray White Commercial Oakleigh.
The two-level freehold building at 6-8 The Gateway, Berwick, was sold under the hammer to a private investor by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local owner for a yield of 5.3 per cent.
George Kelepouris said there were five bidders at the onsite auction for the tenanted property, which is generating net rental income of approximately $55,347 per annum.
“This fantastic retail investment opportunity with a long-term convenience store tenant and excellent potential to add-value in the future attracted strong interest,” he said.
“The property is on a land area of approximately 1250 sqm with a building area comprising a retail space of approximately 150 sqm and a three-bedroom residence of approximately 136 sqm.
“Buyers were attracted by the location of the asset and the long-term leases in place.
“The future development potential (STCA) was another bonus with the large allotment of land currently zoned General Residential Zone – Schedule 1 (GRZ1).”
George Kelepouris said the property is ideally situated in the south-eastern growth corridor with easy access to the Monash Freeway (M1) and other major arterials.