Paul Holyoake misses out on Adairs, Bridge Road Richmond showroom offering

Paul Holyoake misses out on Adairs, Bridge Road Richmond showroom offering
Paul Holyoake misses out on Adairs, Bridge Road Richmond showroom offering

Investor Paul Holyoake was the under-bidder, pipped by a locally based Chinese buyer, when 487-495 Bridge Road, Richmond went to recent auction.

The $14.81 million price reflected a 2.09 per cent yield, well above its $11.6 million reserve.

The onsite lunchtime auction of the Adairs showroom reportedly attracted a crowd including George Saade, Nick Williams and Joel Freeman, who redeveloped the Dimmeys building in Swan Street.

The Chinese buyer was one of four Chinese parties making bids on the 1045 sq m single level building.

It is on a 1658 sq m site with 50 metres frontage with future development potential. 

It is leased to Adairs and Regal Sleep Solutions for 10 years, currently returning $422,282 a year and about $310,000 net.

The vendors were barrister Tony Kiel and Sandra Rush, who had paid $500,000 in 1984.

Meanwhile Beller Commercial have leased 236-238 Bridge Rd, Richmond to celebrated photography agency Blessed Vision for 3 + 3 years after only 2 weeks without a tenant.

The property was leased by Beller Commercial leasing agent Max Warren for $65,0000 net per annum at $144 PSM.

The highly visible shop-front was in great condition, which played a large contributing factor to it being snapped up in a flash.

Max Warren advised Bridge Road Richmond was once a bustling shoppers paradise, however with a now roughly 18% vacancy rate the outlet-shopping mecca now feels a little sparse.

"Landlords need to be realistic if they are to start earning an income on their properties," he said.

Tags: 
Richmond Commercial Sale

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