Were Street, Brighton retail premises sold for Church Street price

Were Street, Brighton retail premises sold for Church Street price
Were Street, Brighton retail premises sold for Church Street price

A local Melbourne investor has paid $1.58 million for a Brighton retail strip investment property at auction. 

The property at 129 Were Street, currently leased by Harpo Hair, sold in front of strong crowd with four bidders driving the price to what Teska Carson’s George and Larry Takis described as a Church Street price on Were Street.

It was bought on a 3.25 percent yield.

George Takis said the sale "reflects the continuing demand for strip retail assets particularly in Melbourne’s coveted eastern and inner south-eastern suburbs."

Larry Takis said enquiry for retail strip assets remained as strong as at any time over the last five years or more.

"There has barely been a pause in demand for what could be described as one of Melbourne’s favourite commercial property assets,’’ he said.   

The 110 sqm, single level, retail space, which has undergone extensive renovations including a new hairdressing salon fit-out, is located on a 260 square metre Commercial 1 zoned site.

It has exposure to Were Street, a second street frontage, easy access to public transport and ample on and off street parking.

The property was sold subject to a secure lease to hair salon chain, Harpo Hair, at $51,500 per annum on a four year term with two further four year options.

 

Tags: 
Retail Brighton

Comments

Be the first one to comment on this article
What would you like to say about this project?