Port Melbourne retail property sells for $1.2 million under the hammer

A Port Melbourne retail property has fetched just under $1.2 million at auction. The property sold on a 5% yield and reflected a building rate per square metre of about $18,000 per square metres.

It is leased to hairdresser Strands by the Bay on a new 3+3+3+3 year lease, returning $60,000 per annum plus outgoings and GST.

Selling agent Andrew Hewett noted that there was strong demand from local and national buyers along Bay Street, Port Melbourne.