September 7, Melbourne – A local investor has paid $2.525 million on a 4.1 per cent yield for a retail investment with a 10 year lease to the ANZ bank at Oakleigh in Melbourne’s south-east in a deal brokered by Teska Carson.
According to Teska Carson Directors George Takis and Michael Taylor the property sold at $9083psm following a very competitive Expressions of Interest campaign.
``This is a huge result for a strata property in this location reflecting the very secure lease to a blue chip tenant but also the growing demand for commercial property investments.
``While yields are firming across commercial property markets they continue to offer greater returns, on average, than residential property and this is increasingly driving demand for so-called Covid-proof investments,’’ Mr Takis said.
Located at 40-42 Atherton Road within Oakleigh’s key retail and commercial precinct, the property comprises a double fronted, 278 square metre retail space with 10 metres street frontage, and both on-street and council car parking in the immediate vicinity.
The property was sold subject to a 10 year lease, with options, to ANZ, at a current rental of $99,555 per annum net with 5 per cent annual increases.
Mr Taylor said the property represented one of the best investment opportunities to come to the market in Oakleigh in recent times.
``This is an exceptional property in a street which has proven to be highly desirable for both owner-occupiers and investors for its popularity and comprehensive retail and commercial offering in an increasingly high density residential region with excellent growth prospects,’’ he said.
