A Hughesdale retail property leased to a clinic has sold at auction for $425,000 through Ray White Oakleigh.
The sale reflects a net yield of 5.1 per cent. Five parties placed bids during the on-site auction on October 19 and the 40 Poath Road property sold under the hammer.
Agent Ryan Amler says there were more than 50 enquiries received during the auction campaign.
“We continue to have strong demand for retail investments and have many underbidders left over,” Mr Amler says.
The Poath Street property was sold by its local investor owner to another investor from Port Fairy.
Since 2012 the 60sqm retail premises have been leased to the Sue Wright clinic, which specialises in full-body imaging, diathermy, electrolysis and medical pedicures. There is about one year remaining on the lease with a further two options of three years.
The current rental is $21,900 per annum (plus GST and outgoings).
Located in the Hughesdale retail strip, close to Chadstone shopping centre and about 200m from Hughesdale station, the property includes a reception area, three partitioned rooms, kitchenette, toilet and two allocated, secure car spaces.