Strong Interest from Owner Occupiers in Retail Investments
David Minton of Gorman Commercial sold 8A Wood Street, Nunawading at auction for $481,000 against an expectation of $400,000. The single-level retail building of 72sqm covering the available site with no off street parking was leased until September 2019 with a 3 year option returning $16,872 p.a. reflecting a 3.5% yield and a strong building rate of $6,680/m2. Selling agent, David Minton, said, “despite the remaining lease term and option, the property generated strong interest from owner occupiers and a willingness to pay a higher price that investors were willing to pay”.