Cafe in Melbourne's Merrindale Business Estate sold

A cafe/retail investment within the Merrindale Business Estate in Melbourne has been sold.

The property in Croydon South was marketed via a Private Sale By Closing Date campaign and sold prior to closing for $900,000 – representing a 4.68% yield.

It was sold by Jarrod Moran and Stan Dawidowski of CVA to a local investor.

The subject property comprises a building 142sqm is situated on an allotment of 818sqm.

It features a modern open plan dining area, service area with glass display cabinet, commercial kitchen, amenities, courtyard dining area, 12 onsite car spaces, perimeter fencing and security gates.

Leased to an established hospitality retailer trading as ‘Industrie Café’, the property returns a rental of $42,091.17 plus GST (on settlement) on a 7 year lease with 3 further 3 year options.

The property is easily accessible, with Dorset Road, Canterbury Road, Mount Dandenong Road and Eastlink via the Ringwood Bypass all within close proximity.