A China-based investor has paid $7.3 million for a double-storey mixed-use asset (pictured top, shaded, and left) in Melbourne’s east.
The property, on a 717 square metre Commercial 1 zoned site at 313-315 Whitehorse Road, Balwyn, is fully leased returning annual rent of $416,878.
On that basis, it is trading on a passing yield of 5.7 per cent.
The vendor paid $6.18 million for the investment in mid-2016. It last sold prior to that in 2013 for $3.1 million.
The holding, with a 701 sqm building configured with ground floor retail space and upstairs office, was marketed this time by Savills around as an investment with development upside (the leases are subject to a demolition clause).
“The prime location of this asset within the highly sought after suburb of Balwyn attracted solid interest from Chinese investors. Balwyn is traditionally a hot spot for Chinese interest and investment,” Mr Zhou said.
“Buyers are continuing to seek well-located assets with strong income and significant future development upside, and this property offered both of these key attributes” Mr Radisich added.
The sale price values the land, opposite Balwyn Park and 10 kilometres from the CBD, at $10,181 per sqm and the building at $10,414 per sqm.