Oakleigh East Retail Investment Sold at Auction
A recently refurbished retail investment opportunity in a prominent location at Oakleigh East in Melbourne’s south-east has been sold by Ray White Commercial Oakleigh.
The property at 186C Huntingdale Road, Oakleigh East, was sold under the hammer for $660,000 at the on-site auction to a local investor by Paul Rizzo of Ray White Commercial Oakleigh on behalf of a local investor for a yield of 2.84 per cent.
Mr Rizzo said the property leased to a Greek cafe in one of south-east Melbourne’s growth pockets attracted strong interest.
“We had a fantastic crowd at the onsite auction and several bidders battling for this investment opportunity,” he said.
“The property was sold under the hammer with a tremendous result which was $100,000 over the vendor’s reserve.
“Currently trading as Dish & Grill, Greek cuisine and café, this outstanding retail property has recently undergone a transformation which includes an all new fit-out and upgraded shop-front with more than five metres of main road frontage to Huntingdale Road.
“The approximately 77 sqm building is on a land area of approximately 107 sqm.
“The property is currently returning $18,744 per annum on a three year lease with 2 + 3 year options. There is onsite parking for two cars.”