Ten year old south east Melbourne convenience retail centre Beaconsfield Hub has sold for a speculated price of $8.5-$9 million.
The asset hit the market in July – fully occupied returning annual rent of $600,000.
By the time it traded, one of the nine subdivided stores – representing about eight per cent of the complex’s area – was vacated.
The property previously traded five years ago for $7.4m.
Developed by Andrew Facey, the grandson of Frank Facey who in 1917 established the eponymous real estate agency headquartered today in Clow Street, Dandenong, Beaconsfield Hub contains 1883 square metres of floorspace.
The Commercial 1 zoned corner block, 52-62 Old Princes Highway, Beaconsfield, spreads 4604 sqm and includes 71 car parks (story continues below).
It is about 250 metres from Beaconsfield Plaza and twice that to the train station.
Melbourne is about 44 kilometres away.
CBRE’s Rorey James and Nic Hage were the marketing agents.
“With no major anchor tenant and a Weighted Average Lease Expiry of just over two years, the result is an encouraging sign for the wider market,” Mr James said.
“The depth of interest and price achieved highlights the confidence that investors have in commercial property, specifically retail, given six of the eight tenanted footprints were retail specific in nature”.