Fourth Oviss portfolio a sell-out
Eleven small retail investments, the fourth tranche of a portfolio accrued by late businessman Harry Oviss, now being sold down, found buyers last week.
Ten traded at a bulk auction event – all up for $9.949 million.
The priciest was a St Albans property with three tenancies on the corner of Alfrieda Street and McIvor Road which achieved $2.3m, reflecting a 3.95 per cent yield.
Another investment, a High St style shop at 78 Mount Eliza Way, Mount Eliza (pictured, top), collected $1.055m – a 4.55pc return.
The cheapest was 125 Wheatsheaf Rd, Glenroy – at $618,000, it was sealed on a 3.88pc yield.
It was one of two assets offered in that suburb – the other, 753 Pascoe Vale Rd, formerly part of a Barry Plant branch, now vacant, traded for $883,000.
The 11th property to sell – after auction – was 104 Swan St, Cremorne, which fetched c$1.8m (story continues below).
Oviss portfolio sell-down hits $80m
Over 50 bidders registered for this week’s event, according to Gross Waddell ICR agents, Michael Gross, Alex Ham and Danny Clark.
The brokers last November listed the first portfolio of Oviss assets – 12 High St type shops in some of Melbourne’s key suburban strips – which reaped $21.8m.
A second tranche offered six months ago – with 14 more – returned $18.5m, while in June, another 16 traded – collecting $29.14m.
Mr Oviss, a revered clothing retailer, property investor and collector, died early last year, aged 97.
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