Bayside Beaumaris, Mentone and Hampton secure strong retail sales

Bayside Beaumaris, Mentone and Hampton secure strong retail sales
Bayside Beaumaris, Mentone and Hampton secure strong retail sales

A Beaumaris property leased to national retailer IGA sold to an investment syndicate for $7.03 million at auction last Friday.

There was a new 10-year lease, with the net yield reflecting 3.6%.

There were seven bidders, including two offshore investors. The underbidder was a local Beaumaris investor when the freestanding building on a 810 square-metre site offered through CBRE's Victorian retail investments team, comprising Justin Dowers, Rorey James and Josh Rutman.

The 6-12 South Concourse property (pictured above) currently generates a net income of $265,743 per annum. It last sold for about $262,000 in 1975.

In nearby Mentone, a local investor paid $6.2 million for nine ground floor shops and 46 car parking spots on a 2,500 square-metre site in Florence Street. The yield was 2.98% with a net passing income of $193,000 pa.

At Hampton, Fitzroys has sold a two-level freehold building at 411 Hampton Street, at auction for $1.4 milliono.

 

Mark Talbot sold a two-level freehold building situated within the popular Bayside shopping strip for the Kaufman family who had owned it for 30 plus years.

Situated on a land area of 164sqm approx, the property comprises a double-storey brick building of 184 square metres, consisting of ground floor retail plus a separately let large two-bedroom apartment on the first floor. 

Zoned Commercial 1, the property was sold with the ground floor area vacant and the first floor let, returning $16,320 per annum.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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