Trenerry Property has sold a prime retail property in Camberwell to a private investor for $3.6 million at a yield of 6.33 per cent.
Colliers International’s Jeremy Gruzewski and Hamish Burgess were the marketing agents for 347 Camberwell Road, Camberwell.
The 464sqm property offers two separate titles offered as one and it is secured by a seven-year lease with Beacon Lighting.
Located less than 400 m from Camberwell Junction and close to the Burke Road shopping strip, the property is part of the new mixed-use development Ebony.
The property has a frontage of 16.23m and has 12 secure basement car parks. It currently generates a net annual rent of $228,000 plus GST.
Mr Burgess said the auction campaign generated in excess of 40 enquires from both local and offshore investors and the property attracted a strong turn out on the day.
"The result is a strong result for a strata investment, demonstrating a sharp return of 6.3 per cent and a capital value of $7,760 per sqm," he said.
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