Strong Interest in Sub $1 million Strata Assets

Gorman Commercial sold Suite 6, 431 Burke Road, Glen Iris for $930,000 to a locally based investor. The property was leased by Gorman Commercial’s David Minton in December after displaying only a week on the market before the property was then presented to the market as a leased investment. Based on the passing rental of $54,000pa net the property has transacted on a sharp yield of 5.8% and a building rate of $6,700/sqm. Selling agent, Stephen Gorman said, “We are continuing to experience strong enquiry on quality strata assets in the sub $1 million price bracket with investors attracted to those particularly in prime locations with secure lease covenants offering a stable low risk investment and favourable yield.”