Shop on Melbourne’s oldest roundabout sells
An entry level retail investment built on a prominent piece of Melbourne’s first traffic roundabout has traded for $561,000 reflecting a low 4.4 per cent net yield.
At 324 Belmore Road, at the intersection of Union and Kalonga, Balwyn, near the Balwyn North border, it contains 42 square metres leased to Belmore Travel.
As part of the rental agreement, the long standing tenant picks up most outgoings.
The Commercial 1 zoned block forms the southernmost part of a strip, all up covering 3862 sqm and including a Coles.
Teska Carson’s George Takis auctioned 324 Belmore Rd on Wednesday; there were 58 bids from three suitors.
The deals come six months since a similarly priced asset across town – at Olsen Place, Broadmeadows – traded for $510,000 – a 5-5.5pc return.
Also mid-last year another ‘mum and dad’ type small retail investment in Bonwick St, Fawkner, leased to a newsagent and general store until 2032, collected $900,000 – again, a 4.4pc yield (story continues below).
Another Balwyn deal
The Belmore Rd deal comes three years since the Liuzzi family outlaid $45.7m – a 2.99 pc yield – for Balwyn’s Woolworths, on 4700 sqm at 383 Whitehorse Rd.
Vinci Carbone’s Frank Vinci and Joseph Carbone were those agents.
Earlier this year meanwhile, a consortium including James Packer and Joe Gersh spent $32m for an ex-nursing home in the suburb’s revered Reid Estate, with plans for luxury apartments.
The then-City of Camberwell completed the Belmore/Union Rd roundabout in 1951.
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