12 Jun 2019

The Age Business: Wednesday 12 June 2019

Mentone

Fully leased, significant rental upside and future development potential: what else could an investor want? One outbid several rivals to pay $2.25 million on a 3.3 per cent yield for a bayside apartment block at 39 Venice Street on the corner of Cremona Street.

Teska Carson's George Takis said five bidders at auction drove the price $150,000 over the reserve. It sold fully leased to six tenants at a passing income of $83,070 per annum net.