Multiple Bidders at Auction Compete for a Well Leased Investment

A popular local bakery at 278 Waverley Road, Malvern East sold at auction to a local investor for $1,500,000 on a 3.8% yield. Gorman Commercial’s Tom Maule and Andrew Prowse commented, “It was great to see a multitude of bidders push the price well above our vendor’s reserve. There’s clearly still a strong appetite from investors for well leased retail investments.”