Chinese investor buys Greensborough shops on tight yield through Savills
A Chinese investor has paid $2.95 million on a tight 4.4 per cent yield for a fully leased property in Melbourne’s Greensborough with development potential, in a deal brokered by Savills.
The 86-90 Main Street property comprises three shops on a single level totalling 350 square metres on a 682 square metre site with ten car parks.
The property resides in the Main Street retail precinct and Greensborough Activity Centre redevelopment, and is directly opposite Greensborough Plaza.
It was sold with a current net rental of $130,240, and at a land rate of $4,325 a square metre.
The selling agents were Nick Peden and Jesse Radisich of Savills.
“This property offered secure income from three longstanding tenants with excellent main street exposure in a fantastic location,” said Peden.
“It is also in the centre of a major retail and commercial precinct in Greensborough’s central activity centre and as such offered excellent potential development upside.’’
The Greensborough centre has already seen the completion of a $50 million aquatic centre and several commercial/retail projects, while development plans in the pipeline include approved mixed-use projects in Main Street of up to seven levels.
Public transport such as Greensborough Railway Station and bus services were within easy distance.
"This was the perfect retail investment and land banking opportunity in one of Melbourne's most active retail hot-spots and the price reflected that,’’ Radisich said.
