A family portfolio of small retail shops throughout Melbourne has been sold all on one day resulting in total sales of $18.50 million with an average yield of 3.4%. The auctions were conducted at Leonda on Thursday 7th April 2022 with a crowd of in excess of 130 people in attendance and 104 registered bidders fighting it out in the room and online.
The properties were all located within Melbourne’s east and south-eastern suburbs, the largest sale completed was $2.115 million, yield 3.09%, for 804 Glenferrie Road, Hawthorn, the tightest yield on the day was 2.73% ($2.0 million) for 28 Atherton Road, Oakleigh.
This is the second portfolio auction conducted for the family by Gross Waddell ICR with a total of 30 properties being sold resulting in a total of over $43 million.
“Retail assets in prime retail hubs continue to outperform expectations as the buyer pool for investments sub $5,000,000 is substantial. They offer buyers solid holding income as well as future potential to add value or develop”, said Michael Gross.
Alex Ham, commented, “we saw incredibly strong demand from investors with all properties seeing multi bidders competing. Demand for well located investments only appear to be strengthening with buyers not appearing to be concerned with the potential of upcoming interest rate rises.
Danny Clark said, “the properties attracted interest not only locally but also from interstate and offshore with a number of buyers participating using our online bidding platform”.
