Three Retail Strip Shops Sell
The Box Canyon store at 704 Burke Road in Camberwell sold for $1.71 million, on a low yield of 2.4 per cent. The property, which sold with a five-year lease, with two further five-year options, had a reserve of $1.1 million. In Doncaster East, the Baker’s Delight store at 50 Jacksons Court sold for $888,000, on a yield of 3.6 per cent. The property had a reserve of $600,000.
GormanKelly director Stephen Gorman, who sold the properties with Sandro Peluso, said a lack of investment options under $2 million was resulting in stronger demand for B and C grade retail strips. In Forest Hill, a shop leased to Pulse Pharmacy sold for $962,000, about 60 per cent more than its reserve of $600,000. After more than 150 bids, the property eventually sold on a yield of 3.3 per cent. The sale was handled by Dome Commercial director Daniel Liberman.
