Offshore investor buys trophy suburban showroom
A prominent showroom at one of south east Melbourne’s busiest corners has sold to a Chinese investor.
Covering 760-770 Stud Road and 1391 Ferntree Gully Rd – the north west intersection – in Scoresby, the $7.53 million result reflects a 5.8 per cent net passing yield.
Beacon Lighting is the anchor, occupying five of the seven tenancies within the 1091 square metre complex.
TAB and skin cancer clinic Molewise fill the balance.
There are also 56 car parks.
Scoresby is about 30 kilometres from town.
Suburb epicentre: agents
On 2932 sqm zoned Commercial 1 – Gross Waddell ICR selling agents Glenn Ye, Michael Gross and Danny Clark said the Scoresby property is in the suburb’s “absolute commercial epicentre”.
With 104 metres of street frontage, over 40,000 vehicles pass it daily, according to the executives.
Land tax is recoverable from two of the leases, they added.
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