Burwood East Retail Investment Sold
A retail/office investment with two tenancies and future development potential (STCA) at Burwood East in Melbourne’s south-east has been sold by Ray White Commercial Oakleigh.
The two-storey building at 13 Royton Street, Burwood East, was sold for $850,000 to a local investor by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local owner for a yield of 5.6 per cent.
George Kelepouris said the marketing campaign for the property attracted 39 enquiries and there were two bidders at the on-site auction.
“We had a great response to this investment property which is currently leased to two tenants and generating combined net rental of $47,869 per annum,” he said.
“There was a good turnout at the auction and the property was passed in at $830,000 but we sold it immediately afterwards for $850,000 to the under bidder.
“The buyer is considering moving into the property once the current leases expire.”
George Kelepouris said the property is zoned C1Z and offers a building area of approximately 236 sqm on a land area of 179 sqm.
“The property benefits from its position as well as excellent access to major arterial roads and public transport,” he said.
“This was an exciting opportunity for an astute investor to acquire a property with development upside.”