Sold Prior to Auction

454 Neerim Road, Murrumbeena sold two weeks prior to auction to a local investor for $860,000 showing a yield of 4.3%. The single-level shop has been the home of Taras Café & Indian Restaurant  for many years returning $37,000 pa plus GST and outgoings. A new rent of $38,115 pa plus GST had recently been struck for a further term of 5 years commencing in November 2022. The strata building comprised an area of 130 sqm plus two car parks. The property was sold by Dean Alexander and Nathan May of Gorman Commercial. Dean Alexander said, “It was an outstanding result for a strata retail investment which reflects the continued strength of the retail investment market.”