Strong Appetite for Retail Assets with Quality Lease Covenants

Tom Maule and Stephen Gorman of Gorman Commercial recently sold 344 Belgrave-Gembook Road, Emerald which is currently leased to the NAB bank. The property was sold for $1,710,000 at auction and was well received with multiple bidders. The sale price reflected a yield of 5.9%. Mr Maule said, “Despite market commentary, we are finding there is a strong appetite from investors in the market place particularly for retail assets with quality lease covenants”.