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.

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