Retail suite in Melbourne sells for $5.12 million

A fully leased strata retail investment in the Northland Homemaker Centre at Preston has sold at auction to a private local investor for $5.12 million.

The 1,080 square metre retail suite was sold with a lease to boutique French provincial furniture retailer Maison Est.

The selling agents were CBRE’s Josh Twelftree, Rorey James and Ryan Arrowsmith.

“Bidding opened at $4 million and after 38 bids from four investors, including a Mainland Chinese group who was the under bidder, it was eventually sold for $5.12 million,” Twelftree said.

The transaction was equivalent to a building rate of $4,741 per square metre and yield of just over 6%.