Thriving fruit shop sold for $900,000 at Heathmont

Thriving fruit shop sold for $900,000 at Heathmont
Thriving fruit shop sold for $900,000 at Heathmont

Ray White Commercial have sold a freehold fruit shop investment to a developer in the acclaimed Heathmont shopping precinct for $900,000.

Previously traded for $150,000 in 1993 and located in Melbourne's east, the property at 178 Canterbury Road has had the same tenant for 18 years.

It was sold under the hammer by Ray White Commercial Victoria NUNAWADING Director Brett Diston on behalf of a private owner for a yield of 2.8 per cent.

Diston said the retail site attracted strong interest with more than 100 people attending the auction.

“There was keen competition between three bidders for this property which has a long term tenant on a 5 + 5 year lease,” he said.

“The net rent from the approximately 94 sqm building on a 165 sqm site is approximately $26,000 per annum plus outgoings and GST.”

He said the major selling points were the site's outstanding exposure and rear access in a proven retail strip in Melbourne's east. 

“The site sits within the prominent Heathmont Village shopping precinct on busy Canterbury Road among a number of cafes, restaurants, Heathmont IGA and other retail and specialty stores.”

Tags: 
Commercial Sale Retail Market

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