Cheltenham Retail Investment Sold

Cheltenham Retail Investment Sold

A tenanted retail investment opportunity recently leased to a hairdressing salon at Cheltenham in Melbourne’s south-east has been sold by Ray White Commercial.

The ground floor tenancy at 4/37-39 Station Road, Cheltenham, was sold for $382,000 to a private investor by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private owner for a yield of 5.3 per cent.

Ryan Amler said the tenanted property was sold for above the asking price.

“This was an ideal entry level investment opportunity with a brand new three-year lease to a hair dressing salon,” he said.

“The tenant also has two further options of three years and the property is rented for $20,400 per annum.”

Ryan Amler said the approximately 47 sqm tenancy is ideally located on the ground level of an apartment complex on Station Rd just five minutes’ walk from Cheltenham railway station.

“This is a vibrant and busy location among many established and complementing businesses,” he said.