Nichols Crowder were delighted to offer 45 Patterson Road, Bentleigh to the market - a property within an area that has gained some serious growth and momentum over the last few years.
Positioned within the Patterson Road retail strip, the property up for sale was a two level shop and dwelling.
With a building area of approximately 150sqm, the retail asset contains a kitchen, toilet, storage rooms and two upstairs bedrooms, along with rear laneway access.
Tenanted by highly rated local coffee business ‘Caffe Crema’ on a secure lease until 2023, it was clear a tasty sale was brewing.
The auction was well attended as locals, investors and customers gathered intrigued to see what result such a popular coffee shop would receive. Despite the auction passing in, it was sold immediately afterwards for $935,000, representing a yield of 4.2%.
According to Nichols Crowder selling agent James Glen, “The property had two main attractions. Investors can enjoy the rental income from the popular local café now, in the knowledge that the site has future development potential over the long term.”
Congratulations to Nichols Crowder on an Espresso sale!
