SALES DEFY LOCKDOWN
A MODERN mixed-use property in a popular lifestyle precinct sold under the hammer after the original auction was delayed by the coronavirus lockdown.
A local investor paid $3.65m for the property at 70 Kedron Brook Road, Wilston, after the 10-year-old freestanding building - which had a mix of strata-title retail, apartments and office under common ownership - received 60 inquiries.
Raine & Horne's Vaughn Smart, who marketed the property with Trent Bruce, said seven assets were due to auctioned auctioned at the end April but because of the lockdown it was delayed until the end of May.
Five were sold prior to auction, 70 Kedron Brook Road sold under the hammer for a 5.9 per cent yield and the seventh was sold post-auction.
"We ran those campaigns through the thick of the pandemic and we still managed to get effectively 100 per cent clearance." he said.
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