Mt Waverley retail property sells above reserve at 2 percent yield
A standalone retail investment with redevelopment potential in Melbourne’s affluent south-east suburb of Mount Waverley has sold at auction for a yield of 2 percent yield.
The property at 6 Andrew Street fetched $616,000 at the on-site auction — well above the reserve price — and was snapped up by a local investor.
The selling agent was Paul Rizzo of Ray White Commercial Oakleigh.
Rizzo said the sale price was more than $160,000 above the vendor’s reserve.
“Boasting an exceptional tenant, this secure investment property trading as a laundromat is currently returning rent of $12,622 per annum on a long-term lease,” he said.
The building is on a land area of 188 sqm with potential for further development subject to council approval.
“Mount Waverley’s rising status as one of Melbourne’s fastest growing and prestigious south-eastern suburbs ensured this property appealed to a range of buyers.”
The five-year leased commenced in 2014 with two further five-year terms. The property was on the market for 39 days, RP Data showed.
