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A premium retail asset in a Victorian coastal town has blown away its reserve price, achieving 22.5 per cent above the $1.25 million reserve price for its vendors.
Burgess Rawson’s Raoul Holderhead and Jordan Bell worked with Ray White’s Fiona McMahon-Hughes and Kevin McMahon to achieve the $1.53 million result under the hammer for the Inverloch-based asset, which is currently leased to a pizzeria restaurant and a beauty salon.
According to Mr Holderhead, the asset had attracted 92 enquiries with 14 registered buyers participating in the bidding.
“The enthusiasm of the crowd translated into the property selling on a stellar yield of 4.25 per cent,” he said.
With a net lettable area of 264 square metres and a dual tenancy capacity with brand-new five- and three-year leases, the property delivers a net annual rent of $66,301.
All in all, the 360-square-metre site has an 18.5-metre frontage to Inverloch’s Ramsey Boulevard and is positioned beside the popular Esplanade Hotel.
According to Mr Holderhead, the coastal town has high investor appeal, thanks to the area’s status as a tourist hotspot, just a two-hour drive from Melbourne CBD.
The south-east Victorian town’s population of 6,500 reportedly swells above 25,000 during the height of the summer season.
Real Estate Business’ Grace Ormsby recently sat down with Burgess Rawson CEO Ingrid Filmer to discuss how the firm specialises across 10 key categories of commercial property, and why it sticks to these spaces.
“We set ourselves apart by doing what we do really well and being experts in our categories.”
You can listen to the full conversation here.
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