Blue Chip Retail Shop Sold on a 3.6% Yield

Following a marketing campaign over 5 weeks resulting in over 140 enquiries, the single level retail shop at 6 Hamilton Street in the blue chip  Mont Albert Shopping Village was put on the market at $790,000 and sold for $900,000 following a hotly contested auction that saw over 8 bidders competing for the property. The property sold for $125,000 over reserve which  reflects a 3.6 % yield. Dean Alexander and Alex Browne handling the sale from Gorman Commercial said, “The result and high level of enquiry reflects the demand for retail properties in strong retail strips particularly in the sub-million dollar price range.”