Shop leased to Chinese food outlet in Melbourne's Surrey Hills sells on tight yield
A securely leased retail property in Melbourne’s Surrey Hills was recently snapped up by a local investor on a tight yield of 4.16 percent.
The 540 Whitehorse Road property comprises a 210 square metre building over two levels on a 217 square metre site.
Located within a well-established retail strip, which includes a number of restaurants and cafes, the property sold $300,000 above expectations. The transaction price wasn’t disclosed.
The property was sold subject to a five-year lease with a five-year option to long-standing tenant, Triple King Chinese Restaurant, at $62,400 per annum.
The selling agents were Teska Carson’s Anthony Choi and Michael Taylor.
According to the agents, the expressions of interest campaign attracted strong interest from both local and offshore investors.
“This was clearly an attractive property which ultimately sold at a 30 per cent premium over the last comparable transaction in the vicinity - a great result for the vendor and a great result for property values in the area,” said Choi.
