Moorabbin cafe sold under the hammer at 5.1% yield

Moorabbin cafe sold under the hammer at 5.1% yield
Jonathan ChancellorNovember 4, 2014

A private investor has paid $705,000 on a 5.1% yield for a purpose-built café at Moorabbin in Melbourne’s south-eastern suburbs.

It was sold at Teska Carson auction by George Takis, attracting four bidders.

The 89 Levanswell Road property located near Moorabbin’s industrial heartland comprises a 125 square metre café space with on-site parking for 10 cars.

The 703 square metre property was sold subject to an eight year lease from January 2013, with an eight year option, at a current rental of $36,000 per annum with annual 3.5% increases.

A nearby takeaway freehold property has been listed returning $1200 a month with an asking price of $275,000 through Balance Business & Real Estate.

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.

Editor's Picks

Habitat to break ground on The Millwell in Maroochydore
Sekisui House Australia launches Waterstone in emerging St Leonards South precinct
Cedar Woods acquires Fairfield site for new residential development
SMA Projects unveils its luxury penthouse crowning The Regent Fitzroy
5Point’s Ophira uplift puts Palm Beach beachfront centre stage