Melbourne, 15 March 2016 – An Asian investor has snapped up a fully leased Heathmont retail investment on a yield of 2.6% - representing a record breaking result for the area.
The sale, which was negotiated off market by CBRE’s Josh Twelftree and Sandro Peluso, signifies the second record breaking transaction the team has conducted on the Canterbury Road retail strip within two months.
Located at 192 Canterbury Road, the 166sqm site is fully leased to a gift shop, on a new three year agreement. The lease offers options for extension up to 2023.
Mr Twelftree said given the high level of buyer interest in the Canterbury Road strip recently, and the strength of the Melbourne’s suburban retail market, the property’s private owner had deemed it an ideal time to sell.
“The property is located in a tightly held local shopping strip, which has only experienced a handful of properties being offered for sale over recent years. The scarcity of sites in the region contributed to the competitive off market campaign – which took only nine days to transact.”
“The strong sales result demonstrates the confidence investors have in the Melbourne retail market, with buyers willing to pay above market expectations to secure well located and fully leased sites,” said Mr Twelftree.
The sale follows the recent transaction of a newsagency at 150 Canterbury Road, which sold on a yield of 3.3% and over $300,000 above reserve.
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