Glen Iris Investment Sold
A multi-tenanted investment opportunity with redevelopment potential (STCA) at Glen Iris in Melbourne’s south-east has been sold by Ray White Commercial Oakleigh.
The approximately 177 sqm tenancy at 1598-1600 High Street, Glen Iris, was sold post-auction for an undisclosed sum to a local investor by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local owner for a yield of approximately 2.6 per cent.
George Kelepouris said the buyer found the multi-tenanted investment appropriate for his portfolio.
“The property is currently generating gross rental of approximately $72,000 net per annum on a long term lease from two tenancies,” he said.
“There is total prospective income of approximately $120,000 per annum net with a further vacancy of a 180 sqm first floor office, which could yield approximately $52,000 per annum net.“
“This is a standalone two storey commercial building on a land area of approximately 270 sqm which is situated on the vibrant corner of High Street and Malvern Road.
“Zoned C1Z, this multiple tenanted property on a single title offers an opportunity to add value potential for a future multi-storey development (STCA).”