Architect pays $2.94m for Ultra Tune Hawthorn investment

A Richmond based architect has paid $2.94 million for a leased investment property with development upside at Hawthorn East. 

According to selling agents, Teska Carson’s Michael Taylor and Richard Munday, the 9 Mayston Street property attracted strong enquiry from a broad range of buyers including investors and developers. 

The property attracted small investors and SMSFs with a secure lease to a national tenant, but also offered long term development upside and as such attracted a strong contingent of prospective purchasers.

"The location within one of Melbourne’s most popular and tightly held retail precincts also offered excellent capital growth prospects,’’ Taylor said.

Located near the intersection of Camberwell Road, the property comprises a 470 square metre single level, warehouse/office/showroom premises in good condition with rear roller door access to Gillman Street.

The 562 square metre site has 11 metres street frontage and is zoned Commercial 1 under the City of Boroondara planning scheme and is situated within a tightly held precinct within close proximity of Burke Road, Camberwell shops, Swinburne University and Burwood Road retail.

The property was sold subject to a lease to long standing tenant, Ultra Tune, at a current rental of $90,000 per annum plus outgoings and GST on a five year term with two, five year options and annual 4% increases.

Munday said the purchaser bought the property with the intention to develop in the long term.

The vendor was a local investor.