Wantirna South Investment Sold at Auction
An investment opportunity with future redevelopment upside (STCA) at Wantirna South in Melbourne’s east has been sold at auction by Ray White Commercial Oakleigh for an above reserve price of $1,435,000.
The approximately 137 sqm tenancy leased long term by a hair salon at 448 Burwood Highway, Wantirna South, was sold to a local investor by Paul Rizzo of Ray White Commercial Oakleigh on behalf of a local businessman for a yield of 4.1 per cent.
“This investment property generated nationwide interest with one of our interested parties a registered phone bidder from Queensland,” Paul Rizzo said.
“We had a great turnout for the on-site auction and a total of eight bidders. After some of the most competitive bidding we have seen for some time, the property was sold under the hammer for $1,435,000 which was almost $280,000 over the reserve.”
Paul Rizzo said the property is currently returning net rental income of $58,833 per annum and a five year lease was commenced in February, 2016, with a five year option.
“This high profile investment property is located directly opposite Knox Shopping centre, which is soon to be Australia’s second largest shopping centre,” he said.
“It’s leased to an established long term hairdressing salon which has been trading since 1989.
“The property is on a land area of approximately 183 sqm and has future value add/development potential (STCA).”