Keysborough Beaurepaires service centre sells for over $1 million

A private investor has paid $1.01 million for a fully leased Beaurepaires service centre in Melbourne's Keysborough.

Located on the corner of Cambria and Cheltenham roads, the property sold at auction for about $100,000 above the reserve price and on a tight yield of 6.17%.

It was sold subject to a new five year lease to Beaurepaires - the national tyre, wheel, and car battery retailer - at $62,355 per annum. The building is situated on a 1,671 square metre site.

Selling agents Joseph Catanese and Cameron Stuckey of Savills Australia sold the property.

"This property sold on a very strong yield which could well be a record for the area and that is really no surprise given the level of interest we received both prior to and during the auction," said Mr Stuckey.

"We are now seeing a steady increase in enquiry for this type of investment opportunity and there’s no doubt that a  significant contributor has been mum and dad investors looking for sub $1 million investments to purchase on behalf of their self-managed superfunds," added Mr Catanese.