Strong Inquiry from Local Investors

Gorman Commercial’s David Minton and Dean Alexander sold two leased side-by-side single-level strata retail investments of 87sqm each at 537A & 537B Whitehorse Road, Mitcham. The corner property at 537A Whitehorse Road sold at auction for $860,000 reflecting a yield of 4.3% and a building rate of $9,885/sqm. 537B Whitehorse Road sold prior to auction for $820,000 reflecting a yield of 4.5% on a rate of $9,425/sqm. The property was securely leased to national retailer Crust Pizza. Selling agent David Minton said, “the properties generated strong enquiry from local investors given their secure lease terms and low maintenance nature making them ideal entry level or SMSF investments. We are continuing to see strong demand for retail investments particularly in the sub $1.5 million price bracket despite some of the negative press around the market.”