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.