Seaford Investment Sold at Auction for 4.3% Yield
A retail/residential investment opportunity close to the beach at Seaford in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh.
The property at 12 Station Street, Seaford, was sold under the hammer for $865,000 to a local investor by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private investor for a yield of 4.3 per cent.
Ryan Amler said there was an outstanding response to the marketing campaign for the asset with more than 120 enquiries and six bidders at the onsite auction.
“The auction attracted a big crowd and there was very keen bidding for this unique retail/residential offering,” he said.
“The property had been purchased just over a year ago for $480,000, so this result shows almost a 100 per cent capital appreciation.”
Ryan Amler said the asset comprised a total building area of approximately 150 sqm with the shop leased by a beauty salon and returning net rental of $19,476 per annum.
“The two bedroom residence has recently been refurbished and is offered for rent for $350 per week,” he said.
“The property is perfectly positioned close to everything that one would expect in an investment property. It is approximately 140m to the train station, close to the beach and set among an array of supporting and service type businesses such as food outlets, supermarket, and a medical centre.
“The property is also easily serviced and accessible via Nepean Hwy, the Eastlink and Mornington Peninsula Freeways.”