South Yarra Retail Investment Sold
A retail investment in a popular village location in South Yarra in Melbourne’s inner south-east has been sold by Ray White Commercial Oakleigh.
The 64 sqm building at 5/159A Williams Road, South Yarra, was sold for $843,000 to a local investor by George Kelepouris of Ray White Commercial Oakleigh on behalf of a local owner for a yield of 4.7 per cent.
George Kelepouris said the buyer was a first-time commercial investor who was attracted by the opportunity to purchase a retail property with a long-term tenant.
“The tenant initially took out a three-year lease in November, 2014, and has a further 2 x 3 year options,” he said.
“This property is an outstanding Hawksburn Village location and is returning net rental of almost $40,000 per annum.
“It was ideal for a self-managed super fund or as a passive investment.”
George Kelepouris said the property has a parking space available and is close to all public transport.