In spite of a range of recent challenges including the pandemic recent transactions by our Victorian office indicate a hive of activity in and around the Melbourne CBD. Director Joel Wald suggests that demand for quality commercial investment assets is strong and hot property for local investors as demonstrated by 4 recent sale transactions.
A modern, two storey retail unit with frontage to the prime trading section of Toorak Road, South Yarra has sold post auction for $3.65m to a local private investor representing a yield of 8.9% . The property includes two significant advertising signs which provide a second income of $208,000pa.
Strata offices within a prominent South Yarra office building has sold off market for $535,000 ($7,500/sqm) providing a yield of 6.5%. The property is located opposite the recently completed Yarra One residential tower and included two car spaces and storage.
The demand has also been seen for quality industrial with two side by side strata factories of 1,000 sqm and 450 sqm in Braybrook selling off market to a local private investors for $2.7m ($1,862/sqm) with a yield of 5.4%.
A Sunshine North industrial site also sold off market to an owner occupier for $640,000 ($1,780 / sqm) achieving a yield of 3.5% . The 628 sqm site included a 360 sqm warehouse and car parking for lease.
"These recent transactions highlight the demand for quality commercial assets and provide a positive outlook for those looking to sell or move in the future." says Joel.