Prahran industrial sells on yield of 1.6 percent

Prahran industrial sells on yield of 1.6 percent
Prahran industrial sells on yield of 1.6 percent

A Melbourne developer has paid $2 million for a Prahran industrial property through Teska Carson.

The property, 11-13 Regent Street, sold on a yield of 1.6 percent. 

The property features a single-level, 210 square metre office/warehouse building on a 245 square metre site with 14 metres street frontage. It was sold subject to a short term lease at a current rental of $32,096 per annum net.

Four bidders from a crowd of around sixty pushed the price to $550,000 above the reserve and to a land rate of $9000 a square metre. 

George Takis from Teska Carson said Prahran has fast become one of Melbourne’s most desirable inner city locations attracting numerous commercial and residential developments and that has been largely driven by its location.

"Add location to the Commercial 1 zoning, which opened up a plethora of new options for the purchaser, obviously including redevelopment, and you have a property that appealed to a lot of buyers,’’ he said.

 

Tags: 
Industrial Prahran

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