Investment Opportunity Sold at Auction for 2.84% Yield
A supermarket investment with future development upside at Oakleigh East in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh for a yield of 2.84 per cent.
The approximately 175 sqm building at 2 Macrina Street, Oakleigh East, was sold under the hammer to a private investor for $905,000 by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local owner.
George Kelepouris said the on-site auction for the supermarket with a new long term lease attracted four bidders.
“We had a tremendous response to the marketing campaign for this high-quality asset in a prominent corner position with exposure to Ferntree Gully Road,” he said.
“The supermarket has traded in this property since 2011 and commenced a five-year lease with two five year options in February last year.
“The property, which has future development/value add potential (STCA), is returning net income of $25,729 per annum.
“The approximately 195 sqm land area is zoned commercial 1 and has high exposure with two street frontages.”