Prominent Eaton Mall building trades on tight yield
An investor dug deep – paying a price reflecting a 2.88 per cent yield – for a two level investment at the north east edge of Oakleigh’s busy Eaton Mall.
The 610 square metre building, the ground floor of which is leased to National Australia Bank, with upstairs configured as offices, fetched $5.118 million at auction yesterday.
On 421 sqm zoned Commercial 1, also fronting Atherton Road, the plot holds significant longer term development upside, with residential allowed.
The low yield for 2 Eaton Mall can also be attributed to the rent, which Allard Shelton agent Joe Walton, said is below market.
“Eaton Mall in Oakleigh is a thriving retail precinct and a cultural heartland for the Greek community of Melbourne,” the agent added, upon listing the property (story continues below).
“As such, it is home to high quality restaurants, cafes and retailers, all of which enjoy patronage from consumers right across metropolitan Melbourne,” according to the executive.
Oakleigh is about 14 kilometres south east of Melbourne’s CBD.
Subscribe to our newsletter at the bottom of this page.
