SMSF buys retail property in Melbourne's Swan St for $750,000
Staff ReporterDecember 7, 2020
A securely leased corner property in Melbourne's Richmond has been snapped by a self-managed superannuation fund at auction for $750,000.
Selling agent Rory White of Gray Johnson said the retail investment property's indicative return was 4.8%.
The 255 Swan Street property has a building area of 72 sqm with frontages to Swan Street and Mary Street.
The property is secured by a new five-year lease that started on 1 April with an initial annual rental of $36,000 plus GST and outgoings. There is a further five-year option and the lease provides for CPI-based rental growth.
The tenant, Portobello Home, is a retail and online store selling mainly furniture and homeware.