Restaurant investment devoured at affluent Armadale auction

A restaurant in Armadale, Melbourne, has sold at auction for $1.22 million by Ray White Commercial Oakleigh.

The property, 857 High Street Armadale, is leased to Zia Rina’s Cucina and was sold by Paul Rizzo of Ray White Commercial Oakleigh for a yield of 3.46 percent.

He said there were three main bidders at the on-site auction and the eventual sale price was $120,000 over the vendor’s reserve.

"The stand-alone retail investment opportunity boasts one of Melbourne’s most reputable Italian restaurants as a long-term tenant," he said.

“Buyers were also attracted to Armadale’s coveted status as one of Melbourne’s most prestigious and gentrified south-eastern suburbs.

“This was a great chance to secure an exclusive stand-alone retail investment with an outstanding tenant in place and the property is returning net rent of $42,230 per annum.”