Warehouse in Melbourne's Richmond sells on 2.2% yield
Prateek ChatterjeeDecember 7, 2020
An industrial property in Melbourne's inner-eastern suburb of Richmond has sold for $1.615 million at auction, more than $100,000 over the reserve price.
The 5 Albert Street property comprises a single-level brick warehouse on a 247 square metre site, zoned Commercial 2.
The property was sold subject to a lease expiring June 2017 at a current rental of $37,435 per annum net, implying a yield of 2.2 percent.
A Melbourne-based private investor bought the property, said a media release.
It was marketed by Teska Carson’s Matthew Feld and Larry Takis.