Mount Waverley commercial building trades for $5.1 million – a 3.9 per cent yield
A double-storey mixed use investment within a busy Mount Waverley shopping strip sold for $5.1 million at auction today.
A China-based investor is buying 264-266 Stephensons Road on a 3.9 per cent passing yield.
National Australia Bank occupies part of the ground floor, which is configured as two retail spaces.
Residential real estate agency Woodards rents the modern upstairs office.
All up the asset contains 690 square metres of floor area and sits on a 460 sqm plot.
CBRE marketing agents Rorey James, Nic Hage and Jing Jun Heng said two of the tenants had recently signed new leases.
The property is opposite the Mount Waverley Village retail and commercial centre and 240 metres from the Mount Waverley train station.
Some 14,000 cars pass Stephensons Road, Mount Waverley daily, the agents added.
At auction, more than 100 bids came from a total of six investors.
The agents said the transaction “marks the 11th sale in a row handled by our Strip Retail Investments team that sold to an investor of Asian heritage over the past few months, bucking the negative trend of a decline in Asian investment and a weak retail market”.
