11/06/2010 - Auction Nets $2.76 Million

A high profile multi-tenant property has changed hands in a public auction at Everton Park.

The retail investment sale attracted more than 50 inquiries before the auction, with seven bidders registering on the day.                                         

The property sold for $2.765 million.

It is in the business district at Everton Park, on the corner of Stafford and South Pine Roads.

The property contains five business outlets, all of which are occupied by tenants holding leases of five years or more.

Food franchises Subway, Baskin Robbins and convenience store Night Owl already operate from the property.

Raine & Horne's Trent Bruce who marketed the property, said there was still quite an attractive market of retail investment properties.

"Naturally sales have dropped off because of the GFC, but anything in the sub-five million dollars category is quite appealing," he said.

"This property sits on a prime outbound area and has already proven a healthy financial yield."

"We just wish there were more of them available."

For further information please contact Marketing Agent Trent Bruce on 0423 591 528.