Gardenvale retail property sells for $930,00 at auction

A 108 square metre retail premises in Gardenvale leased to the TAB sold for $930,000 at a commercial property auction yesterday.

Estate agents Burgess Rawson sold the shop, at 170 Martin Street - but fronting Nepean Highway in south-east Melbourne, on a 4.8% yield. It comes with a 7 + 5 year lease until August 2024.

The rent is $44,557 per annum with 3% annual increases. The tenant pays the usual outgoings including land tax. Four car spaces in the sale are on separate titles, opening up the possibility of on-selling them.

Auctioneer David Scholes said the fully leased shop had good passing traffic and was "among a good mix" of retailers. He said that, despite the emergence of online gambling, most punters preferred visiting their local TAB.

The freehold of another TAB outlet, this one at 89 Grimshaw Street, Greensborough, sold for $1.8 million on a 5.51% yield.

The 230 square metre premises with dual access and prime frontage came with a 7+5+5 year lease through to 2029. The rental of $99,238 has annual 3.5% increases. The tenant pays all the usual outgoings including land tax.

Nearby, in the Greensborough Plaza, are Woolworths and Coles supermarkets and 360 space car park at the rear.

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