Bayside Beaumaris, Mentone and Hampton secure strong retail sales

Bayside Beaumaris, Mentone and Hampton secure strong retail sales
Jonathan ChancellorSeptember 23, 2014

A Beaumaris property leased to national retailer IGA sold to an investment syndicate for $7.03 million at auction last Friday.

There was a new 10-year lease, with the net yield reflecting 3.6%.

There were seven bidders, including two offshore investors. The underbidder was a local Beaumaris investor when the freestanding building on a 810 square-metre site offered through CBRE's Victorian retail investments team, comprising Justin Dowers, Rorey James and Josh Rutman.

The 6-12 South Concourse property (pictured above) currently generates a net income of $265,743 per annum. It last sold for about $262,000 in 1975.

In nearby Mentone, a local investor paid $6.2 million for nine ground floor shops and 46 car parking spots on a 2,500 square-metre site in Florence Street. The yield was 2.98% with a net passing income of $193,000 pa.

At Hampton, Fitzroys has sold a two-level freehold building at 411 Hampton Street, at auction for $1.4 milliono.

 

Mark Talbot sold a two-level freehold building situated within the popular Bayside shopping strip for the Kaufman family who had owned it for 30 plus years.

Situated on a land area of 164sqm approx, the property comprises a double-storey brick building of 184 square metres, consisting of ground floor retail plus a separately let large two-bedroom apartment on the first floor. 

Zoned Commercial 1, the property was sold with the ground floor area vacant and the first floor let, returning $16,320 per annum.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
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