Seaside Fish Shop Investment Sold at Auction
A freehold seaside investment opportunity anchored by a fish and chip shop tenant with redevelopment upside at Seaford in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh.
The approximately 110 sqm building at 111 Railway Parade, Seaford, was sold under the hammer to a local investor for $552,500 by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private investor for a yield of 3.4 per cent.
Ryan Amler said the property with approved plans and permits for a three-storey development comprising four, two bedroom apartments and one retail shop attracted more than 100 enquiries.
“We had tremendous interest in this investment opportunity with approvals in place for a mixed-use redevelopment,” he said.
“There were four bidders at the onsite auction and some keen bidding for the property achieved a sale price of $552,500.”
Ryan Amler said the offering is in a growth corridor of south-east Melbourne and is approximately 500m from the beach.
“The property is on a land area of approximately 222 sqm and is within approximately 2km of both Seaford and Carrum train stations,” he said.
“This single level freehold building is currently leased as an established fish and chip shop of which the tenant has exercised their final three year term which will commence in June, 2017. Rental is due to increase to $19,701 per annum.”