Sold on a Very Sharp 3.5% Yield in Carnegie

Dean Alexander and Stephen Gorman  of Gorman Commercial sold 110 Koornang Road, Carnegie under the hammer in front of a crowd of over 100 with multiple bidders for $2,200,000 on a very sharp 3.5% yield to a local investor who owns multiple properties in the strip. Dean Alexander said, “The Koornang Road, Carnegie retail strip has continued to fly in the face of many struggling suburban retail strips with virtually 100% occupancy and an enviable tenancy mix of both national retailers and quality local retailers, as well as hospitality and service providers.” Located in the prime section of the street opposite both the Commonwealth and Westpac Banks, the property has operated as a bakery for over the past 30 years. The current retail tenant has two years to run on their lease with one further option of four years with the first floor residence on a monthly tenancy. The property was returning a total income of $78,500 pa plus gst and outgoings.