SOLID SALES RESULTS FROM THE TEAM AT CRS COMMERCIAL
The first was 10 Ardena Court, Bentleigh East which sold under the hammer at auction on Thursday 25th October 2018.
Offered for the first time in 40 years, this outstanding stand-alone warehouse building is located in the heart of Bentleigh East’s Commercial and Residential precincts.
The property offered the purchaser an investment with excellent future growth potential. It is occupied by Autologic, a well-known BMW Specialist for the last 40 years and a long history as a tenant for more than 30 years.
The property was sold for $1,547,000 which equates to a 3% yield (approx.) to an overseas investor. In excess of 40 genuine enquiries were received and the crowd at Auction was 70 plus with 4-5 bidders vying for the property.
This team then sold 6-8 Leake Street, Essendon before Auction for $1,225,000 with a 5.5% yield.
This property is situated in the heart of one of Melbourne’s most sought-after retail precincts and lifestyle locations with an established network of transport all close at hand.
The property was offered with existing income to an established tenancy (Tope Chinese Restaurant) and provided a rare opportunity to purchase an affordable strata investment with an excellent potential for future growth.
Shop 2R 520 Swanston Street, Carlton went to Auction on Wednesday 31st October. The property was offered subject to the lease terms and conditions currently in place with Kitchen 520 and provided the opportunity for investors to secure a rare retail offering within the city fringe of the Melbourne CBD.
A crowd of approx. 80 people gathered at the auction as 4 bidders fought it out to secure this outstanding strata investment.
The property sold under the hammer for $1,311,000 representing a yield of 5.35%.
CRS are finding that as the cost to purchase strata titled properties is generally lower than a freestanding property and at present, we are experiencing high demand which was clearly demonstrated in these recent sales.
Through our extensive experience in the Strata field, we are seeing Lot Owners becoming frustrated as they watch their assets depreciate in value due to Owners Corporation Managers who aren’t quite up to date with current laws and legislation, however with the right Owners Corporation Manager these properties will grow in value.