Expert insights Investing Nevsky, Russian restaurant site in Melbourne's Elsternwick sold for $1.5 million at auction
Nevsky, Russian restaurant site in Melbourne's Elsternwick sold for $1.5 million at auction
Staff ReporterDecember 7, 2020
A commercial building from where Russian restaurant Nevsky in Melbourne’s Elsternwick operates has changed hands for a sharp 3.7 percent yield.
The sold price of $1.5 million at auction was $200,000 above the reserve.
The 476 Glen Huntly Road sold to a local private investor with a three-year lease to Nevsky. There are two more three-year options.
The property returns nearly $56,257 per annum plus outgoings and GST.
The selling agents were Fitzroys Mark Talbot and Chris Kombi.
The two-storey building has an area of 200 sqm and sits on the 132 sqm site zoned Commercial 1.
Kombi said the property is prominently positioned within the GLEN HUNTLY Road shopping strip, close to Coles supermarket and the Orrong Road intersection.