09 Oct 2019

The Age Business: Wednesday 9 October 2019

Armadale

An investor outbid three rivals with a final $1.4m bid to get ownership of a shop at 1234 High Street. Teska Carson's George Takis said four bidders and 50 bids pushed the result to a tight 4.5 per cent yield on a per sq m rate of $12,844. The property was sold subject to a three year lease with a three year option to The Paper Empire at $64,236 per annum net with 4 per cent annual reviews. Mr Takis said High Street had one of the lowest strip vacancy rates in Melbourne.