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Gross Waddell Pty Ltd successfully sold at auction yesterday, the Australia Post outlet located at Unit 5, 435 – 437 Sydney Road, Coburg for $1,112,000.00 on a yield of 7%.
The auction attracted a crowd of approximately 80 people. Bidding commenced at $900,000.00 and progressed keenly through to the sale price. There were some six keen bidders.
The property is located in the heart of the Victoria Street Mall next door to Bakers Delight. The thriving Shopping Centre is anchored by national supermarket operators, Coles (2 stores), Safeway, Dan Murphy’s, all major banks, eateries, numerous fashion retailers, Crazy Prices, Priceline, TAB and other well know retailers.
Australia Post has occupied the premises for in excess of 10 years. The current lease expires on 1st December 2009.
The rental is $78,000.00 per annum.
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