Strong auction sees Mount Eliza retail sell for 30 percent over reserve
A freehold retail investment that is securely leased has sold for nearly 30 percent over reserve at its auction.
The Mt Eliza Way property attracted a crowd of over 60, with four bidders pushing the price to $970,000, some $220,000 over reserve.
It sold on a tight 2.9 percent yield.
The 120 sqm open plan and self-contained property sits on a 147 sqm site with nearly five metres frontage to Mt Eliza Way.
It was sold subject to a three year lease to Master Hair & Beauty at $31,930 per annum.
Teska Carson marketing agents George Takis and Luke Bissett marketed the property.
Takis said the sale was yet another example of the very strong market for strip retail assets despite some negative market commentary around retail sales and the potential impact of Amazon.
"There is a huge thirst for retail strip property and particularly in precincts that are well organised, that are backed by local governments, and that offer a contemporary tenancy mix that reflects current trends.
"In this particular instance we also had an asset that sits within an area that has been very popular with investors recently."
