Lorne Shops Sell Before Auction
Agent John Castran, who is marketing the properties with Great Ocean Road Real Estate of Lorne, said the shops had sold for $7.3 million on low yields of between 5.5 per cent and 5.65 per cent.
He said two more shops were close to selling. The remaining four shops will be sold at an Australia Day weekend twilight auction, as planned.
The shops are on the ground level of the 102-unit Cumberland Lorne Resort, a prominent 18-year-old former resort in Mountjoy Parade, the town’s main retail thoroughfare. Consolidated Properties bought the Cumberland Lorne Resort off CBus late last year in a deal believed to be worth $60million.
The owners reaped more than $30 million from the sale of 52 apartments last year. The balance of 50 apartments are expected to be released for sale this month.
