Menu
  • Home
RWC Diston Asset Services
CloseDiston Asset Services
Loading...
Contact Us
News

WA investor catches Subway in Melbourne after late landing

7 years ago
  • Facebook/
  • Twitter/
  • LinkedIn/
  • Email

An interstate investor who jetted in too late to bid at auction has still managed to secure the North Melbourne retail strata asset he wanted.

Ray White Commercial Nunawading director Brett Diston sold the property at 1/528 Victoria Street to the Perth-based buyer for $900,000 immediately after the auction.

“They were flying in to buy at auction but luckily for them we had passed the property in,” Mr Diston says. “So we negotiated as soon as they arrived.”

The 80sqm property fronting Victoria Street, about 2km from the Melbourne CBD, was sold on a 4.4 per cent yield.

The sale price reflects a building rate of $11,250 per square metre.

“The long-term tenant has been established at the site since 2011 and is on a secure five-year lease until 2021, with a five-year option,” Mr Diston says.

“Subway pays a net rent of $40,000 per annum, plus all usual outgoings as per the lease, along with 4 per cent increases per annum.”

Mr Diston says the buyer had first seen the property on a Ray White Commercial Nunawading newsletter.

The vendor is a local investor. The property is zoned mixed use.

Share:
  • Facebook/
  • Twitter/
  • LinkedIn/
  • Email
Up to Date

Latest News

  • 1 year ago

    Why investors need specialists managing their commercial assets

    In the dynamic and ever-evolving world of real estate investment, one key decision can make all the difference in the success of an investor’s portfolio: the choice of their management team.

    Read Full Post

  • 1 year ago

    Prominent CBD retail site sells for $48 million

    A retail development site in the heart of Perth’s CBD has sold for $48 million. The 1,705sqm site at 96 and 110 William Street, and 255 Murray Street Mall was marketed by RWC WA agent Brett Wilkins.

    Read Full Post

Ray White
Contact Us

RWC Diston Asset Services

117 Canterbury Road
Heathmont, VIC 3135

  • +61 (3) 9955 0055
  • rwc.das.vic@raywhite.com
Back to top

© RWC Diston Asset Services. Based in Heathmont.