Fish and Chip Shop Investment Sold at Auction
A tenanted retail investment opportunity at Cranbourne in Melbourne’s south-eastern growth corridor has been sold at auction for an above reserve price by Ray White Commercial Oakleigh.
The approximately 112 sqm building leased long term to a fish and chip shop at 19 Hotham Street, Cranbourne, was sold for $660,000 to a local investor by Ryan Amler of Ray White Commercial Oakleigh on behalf of a local owner for a yield of 5.2 per cent.
Ryan Amler said there were more than 40 enquiries during the marketing campaign and five bidders at the on-site auction.
“This was a highly competitive auction with some keen bidding and the property was sold under the hammer for $60,000 above the reserve,” he said.
“Ray White Commercial Oakleigh has had some fantastic auction results so far this year and a 100 per cent clearance rate to date.”
Ryan Amler said the tenant of the standalone single level building recently signed a new 10-year lease and the property is returning gross rent of $34,548 per annum.
“This property on a land area of approximately 227 sqm offers rear access with onsite parking and is zoned ‘Commercial 1’,” he said.
“There is future value-add/development potential subject to council approval.”