Market Shows Strength for Well-Located Prime Retail Assets

Gorman Commercial’s Tom Maule and David Minton sold 94 Union Road, Surrey Hills under the hammer for $2,435,000 to a private investor. The property was fiercely competed at auction and the result showed a yield of 3.5% on a land rate of $7,500/psm. Tom Maule said, “Despite restrictions on bank finance, there is still strength in the market for well-located, prime retail assets particularly in the inner-east”.