A Chinese investor has paid $2.95 million on a tight 4.4 percent yield for a fully leased Main Street Greensborough Victoria property with development upside, in a deal brokered by Savills Nick Peden and Jesse Radisich.
The single level, 86-90 Main Street property comprises three shops totalling 350 square metres on a 682 square metre site with ten car parks, in the heart of the Main Street retail precinct and Greensborough Activity Centre redevelopment, and directly opposite Greensborough Plaza.
Mr Peden said the property, which was sold with a current net rental of $130,240, and at a land rate of $4,325 a square metre, attracted a lot of interest from both investors and developers.
“This property offered secure income from three longstanding tenants with excellent main street exposure in a fantastic location.
“It is also in the centre of a major retail and commercial precinct in Greensborough’s central activity centre and as such offered excellent potential development upside,” Mr Peden said.
Mr Radisch said development plans for Greensborough centre, which has already seen the completion of a $50 million aquatic centre and several commercial/retail projects, included approved mixed-use projects in Main Street of up to seven levels. He said the location was also well served by public transport with Greensborough Railway Station and bus services within easy walking distance.
“This was the perfect retail investment and land banking opportunity in one of Melbourne's most active retail hot-spots, and the price reflected that,” Mr Radisich said.
Content Courtesy: Savills