Tenanted Bentleigh East Retail Investment Sold for $1.2 Million
A retail investment opportunity with a separate residence at Bentleigh East in Melbourne’s south-east has been sold at auction by Ray White Commercial Oakleigh for $1.2 million and a 3.9 per cent yield.
The property at 690 Centre Road, Bentleigh East, was sold under the hammer to a local investor by Ray White Commercial Oakleigh’s Ryan Amler and Joshua Colosimo on behalf of a private owner.
Ryan Amler said the marketing campaign attracted more than 70 enquiries and there were five bidders at the onsite auction.
“The successful buyer was a local resident who was keen on this excellent investment opportunity which is generating combined rental income of approximately $48,000 per annum,” he said.
“Located on the busy Centre Rd shopping precinct, this leased retail property with separate one-bedroom residence in a single level building also has scope to value add (STCA).
“The property is located among many established and complimenting businesses, not to mention the continuous high density residential developments.”
Joshua Colosimo said the property offers a building area of approximately 121 sqm and a land area of approximately 215 sqm.
“The property has rear access, parking for two cars and a motorised roller door,” he said.