Prime Two-Level Retail Freehold

Gorman Commercial’s David Minton and Stephen Gorman sold 256 Whitehorse Road, Balwyn at auction for $2,500,000, $300,000 over reserve. The property comprised a prime two-level retail freehold leased to two separate tenants, including national retailer, Blue Illusion returning $77,500 per annum net on a yield of 3.1% and a land rate over $8,100/m2. Selling agent, David Minton said, “The property generated a strong level of interest given the large site area of 307 m2 with close to 7 metre frontage plus the strength of the lease covenant and potential for further re-development. Whitehorse Road, Balwyn remains a strong performer with minimal vacancy, strong national retailer representation and less than three freeholds offered for sale in the last three years with yields still remaining at 3% to 3.5%.”