Investor spends $1.77 million on Ashburton retail space

A Melbourne investor has forked out $1.77 million for a retail property located on High Street, Ashburton.

Located on the tightly held Ashburton shopping strip, the property is a 167 square metre double story building with a 117 square metre retail space on the ground floor and a 50 square metre level on top.

The property was sold fully leased with two tenants who are returning $70,904 per annum.

The address is currently being used as a clothing outlet named Black Pepper, and a body and skin clinic called Beauty Up.

George Takis, at Teska Carson, said the strong result reflected the very tightly held retail strip location.

“The last property we sold in this precinct had been held for 50 years, underlining just how tightly held these properties have become and how rare opportunities for investors are,” Takis said.

Takis said the booming population in the area had helped to boost the value of retail space.

He noted that the potential for future development on the strip represented a significant part of the property’s appeal.