North Melbourne investment sold at auction for $2,140,000

A commercial investment with a long term tenant in North Melbourne has been sold at auction by Ray White Commercial for $2,140,000.

The ground floor property at 478-482 Victoria Street, North Melbourne was sold under the hammer to a private investor.

The sale by Ray White Commercial Oakleigh’s George Kelepouris on behalf of a private owner reflected a yield of 5%.

Kelepouris said the onsite auction attracted four bidders.

“This approximately 400 square metre building offered a tremendous investment opportunity. It has an established restaurant operator tenant and is returning net rental of approximately $111,136 per annum,” he said.

“The tenant’s current five-year lease commenced in May 2014 and there are four options of five years.”