Newer Building with Strong Trading Tenant in an Evolving Development Proved Attractive to a Local Investor

Dean Alexander and Jonathon McCormack of Gorman Commercial are pleased to announce the sale of the last remaining retail shop in the highly successful mixed-use Polaris development developed by Deal Corporation. The  subject property of 129 sqm located at the rear of the retail section of the development is occupied by the popular Sijori Malay Eatery and is returning just under $59,500 p.a. with three years to run on a 5-year lease. The property sold for $945,000 showing a 6.3% yield. “The purchaser, an Italian National family with strong Melbourne roots represented by a local Greensborough based Accountant was attracted to the property on the basis of it being a newer building with a strong trading tenant, as well as being situated in a development that is constantly evolving with a number of new developments yet to be built,” said Dean Alexander.