Hampton strata retail sold to local investor

A Melbourne based investor has paid $745,000 on a 5.4 per cent yield for a securely leased strata retail property at Hampton in Melbourne’s south-eastern bayside suburbs.

Teska Carson’s George Takis held the auction before the lockdown.

It attracted a strong contingent of local and off-shore investors with competition among several bidders from a lively crowd. 

"This was a great result for the vendor, exceeding expectations based on the very good lease profile and location, along with the strata nature of the property which may deliver lower associated costs including the land tax component,’’ Mr Takis said. 

Located at 515 Hampton Street, the 125 square metre ground floor property forms part of a residential development and benefits from rear storage space, five metres street frontage and on-site parking.

The property was sold subject to a four year lease with options to O’Brien Real Estate, at $40,365 per annum net.