Cranbourne fish and chip shop sold for $660,000

A fish and chip shop in Melbourne's Cranbourne has been sold at auction for $660,000 for a yield of 5.2 percent.

The 112 sqm building, 19 Hotham Street, Cranbourne, was sold for $60,000 above reserve.

Ryan Amler of Ray White Commercial Oakleigh said there were more than 40 enquiries during the marketing campaign and five bidders at the on-site auction.

“The tenant of the standalone single level building recently signed a new 10-year lease and the property is returning gross rent of $34,548 per annum," he said.

“There is future value-add/development potential subject to council approval.”