Mount Waverley Retail Investment Sold for 2% Yield
A standalone retail investment with redevelopment upside at affluent Mount Waverley in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh for a 2.0 per cent yield and well above the reserve.
The property at 6 Andrew Street, Mount Waverley, was sold under the hammer for $616,000 at the on-site auction to a local investor by Paul Rizzo of Ray White Commercial Oakleigh on behalf of a local investor.
Paul Rizzo said the sale price was more than $160,000 above the vendor’s reserve.
“This investment opportunity attracted a great crowd and five bidders,” he said.
“Boasting an exceptional tenant, this secure investment property trading as a laundromat is currently returning rent of $12,622 per annum on a long-term lease.
“The building is on a land area of approximately 188 sqm and there is future development potential (STCA).
“Mount Waverley’s rising status as one of Melbourne’s fastest growing and prestigious south-eastern suburbs ensured this property appealed to a range of buyers.”