Restaurant Investment Devoured at Affluent Armadale Auction
A freehold investment leased by an acclaimed Italian restaurant in affluent Armadale in Melbourne’s south-east has been sold at auction over the reserve by Ray White Commercial Oakleigh for $1.22 million.
The retail property at 857 High Street, Armadale, was sold under the hammer to a local investor by Paul Rizzo of Ray White Commercial Oakleigh on behalf of a local owner for a yield of 3.46 per cent.
Paul Rizzo said there was strong interest in the tenanted investment leased to Zia Rina’s Cucina.
“There were three main bidders at the on-site auction and the eventual sale price was $120,000 over the vendor’s reserve,” he said.
Paul Rizzo said the stand-alone retail investment opportunity boasts one of Melbourne’s most reputable Italian restaurants as a long-term tenant.
“Buyers were also attracted to Armadale’s coveted status as one of Melbourne’s most prestigious and gentrified south-eastern suburbs,” he said.
“This was a great chance to secure an exclusive stand-alone retail investment with an outstanding tenant in place and the property is returning net rent of $42,230 per annum.”
The High St property offered a building area of approximately 70 sqm on a land area of approximately 128 sqm.