Jeanswest, Burke Road Camberwell retail store sells at $3.21 million

Jeanswest, Burke Road Camberwell retail store sells at $3.21 million
Jeanswest, Burke Road Camberwell retail store sells at $3.21 million

Competing investors pushed the price of a prime Burke Road shop some 25% above reserve selling under the hammer for $3.21 million.

Six parties fought it out at the auction through Fitzroys agents Mark Talbot and David Bourke.

It last sold at $2,095,000 in 2002 when bought by a private Melbourne investor.

The Commercial 1-zoned, 167sqm site at 670 Burke Road was offered with a 5+3 -year lease to Jeanswest, returning $123,735 per annum gross over the ground floor and separate first floor office/residence.

The sale price reflected a tight net yield of 3.1%. 

The last sale in the street saw a 3.7% yield.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Commercial Sale

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