Brand new Bayswater commercial building sold for $4.5 million

A new office/showroom/warehouse in Bayswater has been sold for $4.5 million.

It represents a sharp yield of 5.68% and building sale rate of $2,200 per square metre.

Stan Dawidowski and Ian Angelico of CVA held the listing. 

The property comprises a floor area of 2,038 sqm, quality construction, main road profile, and finishes throughout including a passenger lift and 30 onsite car spaces.

Set on a 3,202 sqm land holding, it was sold subject to a 5+5-year lease to a local company, with rental of $256,000 per annum.

The property is positioned opposite Mitre 10 Bayswater, between Scoresby Road & Mountain Highway and about 1 km to the Bayswater Train Station.

“The firming of yields and sale rates coupled with the increase in enquiry are evidenced through CVA transactions over the past two months and there is a clearly defined level of confidence in the commercial market,”  says Angelico.