At last night’s MMJ Illawarra Group Auction 6 properties went under the hammer with local auctioneer Daniel Hastings dropping the hammer on over $5.4mil in sales on the night. Included amongst the results was a suburban neighbourhood shopping complex located in Albion Park Rail, just south of Wollongong.
The property positioned on a prominent, high traffic corner site was very attractive to both local, Sydney based and interstate investors. The 947sqm shopping complex comprises six separate tenancies including Bakers Delight and BWS and generates an annual net income of $180,195 +GST. It was a two horse race at the auction with a local investor eventually snapping up the opportunity but it didn’t come easy after a spirited challenge by a Sydney based under bidder.
“We knew there would be strong interest in this property due to the calibre of investment but a 5.4% net yield is remarkable for this market.” said selling agent Tim Jones.
Property Listing = http://www.mmj.com.au/3P5909
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