10 Apr 2019
The Age Business: Wednesday 10 April 2019
A local investor has paid $3.93 million - $400,000 over the reserve - on a 3.12 per cent yield for a prime development site or investment property at 466-470 Hampton Street.
Located within a 320-trader retail strip, the property has three adjoining shops on separate titles leased to Eli's Alterations, Stirling's Curtains and Beautiful Delicious catering at combined annual net income of $123,000 on a short term basis.
Teska Carson's George Takis and Fergus Evans marketed the property in conjunction with Nichols Crowder's James Glen and Allan Brodie. "This property had a lot going for it, including a prime spot within the bayside's largest retail strip, several long-standing tenants on short-term leases and 670 square metres of commercial zoned land on three titles with low site cover and rear access", Mr Takis said.