Camberwell restaurant auction nets benchmark yield after 290 bids

A restaurant in Melbourne's Camberwell sold after the auction recorded 290 bids and set a benchmark yield for a retail property in the blue-chip suburb of 2.34 percent.

The sale of the restaurant, Tandoori Den at 261 Camberwell Road, Camberwell to a private investor for $2.509 million reflected a land rate of $12,400sqm.

Fitzroys agent David Bourke said five bidders competed at the auction after the campaign received strong enquiry from local and offshore buyers.

“There is an estimated 1,500 new apartments about to come online or in the pipeline around Burke Road and Camberwell Junction, with a new 12-storey apartment tower near Aerial the latest development to be approved," he said.

The 180sqm part-two storey building is on a 202sqm site and sold with a secure 5+5+5+5-year lease at a building rate of $13,939 per sqm.