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Seaford retail investment sells under the hammer for $1.85m

A triple retail investment freehold in Seaford, south-east of Melbourne, has been sold at auction by Ray White Oakleigh for $1.85 million — $500,000 above reserve.

More than 120 inquiries were received in the lead-up to the October 27 on-site auction, with five bidders on the day.

Ray White Oakleigh’s Ryan Amler says the sale price for 114, 114A and 114B Nepean Highway, Seaford, represents a yield of 2.7 per cent.

“The property was sold by an investor to a developer who plans to develop the site in the next seven years or so,” says Mr Amler, who marketed the property with colleague Joshua Colosimo.

“In a key location with a second frontage to Broughton Street, the site was a great opportunity for buyers seeking a multi-tenanted investment with the added bonus of future development potential, subject to council approval.”

Watch the auction highlights video on Facebook

The three tenants are dog grooming business Barking Mad, Seaford Beach Laundromat and naturopathic clinic Little Earth Health.

The combined rental is $55,123.56 (including GST) plus outgoings. See specific rental details for each tenancy here.

The combined total building area is about 150sqm and the total land area is about 501sqm, with a council carpark at the rear of the site.

Seaford is 36km from the Melbourne CBD.

  • See details of Ray White Commercial Oakleigh’s upcoming commercial auctions here.
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