Investors Aggressively Chasing Returns Outbid Developers

Investors aggressively chasing returns outbid developers to secure 17-23 York Street, South Melbourne on a record yield of 2.7%. Stephen Gorman and Dean Alexander of Gorman Commercial handled the sale on behalf of the family who originally built the property in the 1960’s. Stephen Gorman said, “The underlying development potential and the excellent lease covenants created the perfect environment to achieve this exceptional result.”