A STAND-ALONE retail property in thriving Frankston saw two titles sell as one for $825,000 pre-auction at 53 and 53A Beach Street.
With a 204sq m* building area, the asset offered the opportunity to acquire a tenanted retail investment, with the future prospect of a multi-tenancy or the possibility to owner-occupy.
The property was marketed and sold by Ray White Commercial Oakleigh Sales and Leasing Consultant Joshua Colosimo.
Mr Colosimo said there was strong Victorian interest throughout the campaign, and being sold before going under the hammer, was testament to the opportunity on offer.
“We had over 25 enquiries throughout, with one particular local investor wanting to seal the deal before the property could go to auction,” he said.
“The asset had been on the market with another agency for eight months, but after we took over the campaign, we sold it within four weeks.
“53A has a launderette in place with a current rental return of $16,150 p.a. + outgoings and 53 was offered vacant possession, but with a tenant in waiting. The potential combined income would be between $48,000-$52,000 p.a.*
“The asset also provides 30 metres* of street frontage, is within walking distance of the newly developed Frankston train station and being a stand-alone building, has no owner’s corporation fees providing excellent development potential.”