Carnegie Retail Investment Sold for $2.65 Million
A multi-tenanted retail investment located at Carnegie in one of Melbourne’s strongest retail strips has been sold by Ray White Commercial Oakleigh for $2.65 million.
The property with a building area of approximately 240 sqm at 137-141 Koornang Road, Carnegie, was sold post-auction to a local investor by George Kelepouris of Ray White Commercial Oakleigh in conjunction with Hocking and Stewart.
George Kelepouris said the property with four tenancies was sold on behalf of a local owner for a yield of approximately 3.8 per cent.
“We had four bidders at the onsite auction and the property was sold to the under bidder a few minutes after the auction,” he said.
“The purchaser is a private investor who liked the multi-tenanted aspect of the property, which is securely leased and returning combined income of more than $100,000 per annum.
“This property presented the astute buyer with a rare opportunity to acquire such a prominent retail investment in the heart of thriving Koornang Rd, Carnegie.
“Koornang Rd has also become a hospitality hotspot which is busy both day and night.”