Hunger in the Commercial Market for Well-located Retail Investments
Dean Alexander and Tom Maule of Gorman Commercial sold 523 Whitehorse Road, Mitcham on behalf of a long-term property management client in front of a large crowd at auction with multiple bidders . Returning $51,145 pa net on a 4-year lease expiring in 2 years’ time, the property was leased to Wallpaper Brokers, a successful interior design business who have occupied the building since 2016.
The older-style property comprised a building area of 214 sqm on a generous Commercial 1 zoned land of 271 sqm approx. The property sold for $1,640,000 which shows a very sharp yield of 3.1%. Dean Alexander said, “The strong result reflected the hunger in the investment market looking for well-located retail investment opportunities.”