Shop leased to Asian diner in Melbourne's Clayton sells for $2 million on a tight yield

A freehold property leased to Asian diner Wah Kee in Melbourne's Clayton has sold at auction for $2.02 million on a tight yield of 3.3 percent.

The property at 338a Clayton Road comprises a 200 sqm building with frontage on a 250 sqm area.

It is leased until the end of 2016 to Wah Kee restaurant with no further options, and returns $68,280 per annum plus GST and outgoings.

Fitzroys agent Mark Talbot handled the selling campaign, along with Joe Guberek of Park Lane Real Estate.

The sale follows that of 385 Clayton Road last month also conducted by Fitzroys which sold for $2.225 million, reflecting a yield of 2.95 percent.

“Clayton Road is a thriving retail strip offering a wide range of retail services and a diverse array of food and beverage offerings supported by the varied demographics of the surrounding catchment area,” Talbot said.