Westpac leased Frankston retail property sells for over $5.3 million

A Westpac leased retail property in Melbourne's Frankston has sold under the hammer for $5.375 million. 

The property attracted a yield of 6.2% and was sold subject to two secure leases to Westpac, at 50-52 Wells Street, and Xtreme Clothing Pty Ltd, at 1 Shannon Mall. The Wells Street property consists of a ground floor banking chamber and first floor office for a total area of around 667 square metres. The Westpac lease is returning $286,973.42 per annum plus outgoings, with a lease term of seven years until 2017 and two further terms of five years each.

The Shannon Mall premises are about 90 square metres. Xtreme Clothing’s lease is a new five-year deal with two terms of three years each, returning $52,000 per annum plus outgoings. 

The total rent is $338,973.

Fitzroys agent Charles Emmett said, “The strong price and competition generated on the day reflected the depth of the market and the strong demand out there for high quality retail investment property priced in the $1 million to $15 million price bracket.”