Tenanted Newsagency Investment Sold for $1,228,000 and 1.3% Yield
A retail investment opportunity at Chadstone in Melbourne’s south-east has been sold by Ray White Commercial Oakleigh for $1,228,000 and a 1.3 per cent yield.
The property at 637 Warrigal Road, Chadstone, was sold prior to auction to a local investor by Ray White Commercial Oakleigh’s Ryan Amler on behalf of a private owner.
Ryan Amler said the marketing campaign for the asset leased for the past 30 years by a newsagency attracted more than 100 enquiries.
“We had five offers submitted prior to auction and the vendor agreed to terms,” he said.
“The yield was approximately 1.3 per cent and there is potential to increase rent after the next market review as it was well below market rental rate.”
Ryan Amler said the approximately 102 sqm building returns rental income of approximately $17,000 per annum.
“This outstanding retail investment is opposite Holmesglen Tafe and is in a tightly held retail strip among an array of food outlets and businesses,” he said.
“The asset is also located just down the road from the Chadstone Shopping Centre which is the biggest shopping centre in Australia and arguably in the Southern Hemisphere.
“The property is well serviced and accessible via Warrigal Road and the Monash M1 Freeway only a short drive away. The property is adjacent to Holmesglen Train Station on the Glen Waverley line and also accessible by various bus routes.”