Carnegie mixed-use investment on Koornang Road sells

An investor from Melbourne has paid $1.785 million, on a 3.8 per cent yield, for a multi-tenancy retail and residential investment, in the Melbourne suburb of Carnegie.

According to selling agents, Teska Carson’s George Takis and Commercial Bureau Real Estate’s Gideon Marcus, four parties from a 50 plus crowd contributed to the auction. 

“There was no doubt that this property was going to sell right from the outset as the bidders quickly bid and counter bid, one after the other, quickly reaching the reserve and selling on a  very tight yield for this area,” Mr Takis said. 

Located at 115 Koornang Road, the property comprises a 220 square metre, two storey, building including a ground floor retail tenancy, a rear ground floor, one bedroom apartment, and a first-floor, two bedroom apartment. 

The three tenants contribute to a combined net annual income of $67,860. 

The building sits on a 307 square metre site, zoned Commercial 1, with nearly seven metres frontage to Koornang Road and rear access via Neerim Road to on-site parking. There is additional public parking accessed via Kokaribb Road.

“The property offered a great opportunity to break into that highly regarded and tightly-held market in an area which will continue to see strong capital growth on the back of continued residential and commercial development,’’ Mr Marcus concluded. 

The vendor was a Melbourne based investor.