Seaside Cafe Investment Sold at Auction
A retail/residential investment opportunity anchored by a busy café tenant at Seaford on Melbourne’s south-eastern seaside has been sold at auction by Ray White Commercial Oakleigh.
The property at 37 Armstrongs Road, Seaford, was sold under the hammer for $550,000 to a local investor by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private investor for a yield of 4.8 per cent.
Ryan Amler said the approximately 188 sqm property with the ground level ‘Bear & Cub’ café and a separately leased two-bedroom residence on the first floor offered a combined rental of approximately $26,874 per annum.
“There were five bidders at the onsite auction and some keen bidding for the property achieved a sale price of $550,000,” he said.
Ryan Amler said the recently leased residence has its own access and street frontage at the rear of the property.
“The offering was ideally located in a popular south-eastern growth corridor and is approximately 700m from the beach,” he said.