Camberwell Investment Sold
A mixed-use commercial/residential investment opportunity in a prime location at Camberwell in Melbourne’s east has been sold by Ray White Commercial for $960,000.
The approximately 135 sqm building at 627 Camberwell Road, Camberwell, was sold post-auction to a local owner-occupier by Brett Diston of Ray White Commercial Vic-Nunawading on behalf of a private investor owner for a gross yield of 4.65 per cent.
“This investment opportunity was taken to an onsite auction where it was passed in but sold to the highest bidder within an hour of negotiations commencing,” Brett Diston said.
“We had strong interest in this asset which comprises a freehold ground floor office and a five-bedroom/two-bathroom residence on the upper level.”
Brett Diston said the lower floor is currently leased to an accountancy firm and the property was returning net rental of $44,640 per annum.
“When fully let this property, which is on a land area of approximately 157 sqm, can return net rental of $51,920 per annum,” he said.
“The property is strategically located on Camberwell Rd, benefiting from 15,500 approximately cars passing daily.”