An interstate investor has bought 409-419 Sydney Road Brunswick tenanted by Bunnings and Australia Post on a yield of 2.86%.
The successful sale of this 3,700sqm strategic landholding situated in the heart of Brunswick was a record low yield for the sale of a Bunnings asset and reflects current high investor demand for well-located property with income and development potential.
The sale was negotiated by Melbourne Acquisitions Sales Executive James Latos and was sold for $13.82 million.
Mr Latos said that, “the price and low yield is reflective of the rarity and scope the site offers, If you compare the street scape of many of Melbourne’s major strips from 5 and 10 years ago they has changed dramatically and there are very few undeveloped sites of scale remaining in the inner ring.
“With interest rates being at an all-time low we are experiencing a lot of pent up demand from cashed up buyers, especially for properties with income and potential upside, we also had strong interest from developers and groups looking to complete build to rent projects.”