Hong Kong Investor Snaps Up Glenferrie Road Property
In this article (5)
A Hong Kong based private investor has paid $4.8 million on a 4.35 per cent yield for a retail and office investment at Hawthorn in Melbourne’s inner-east.
According to selling agents, Teska Carson’s Michael Taylor and Anthony Choi, the property at 669-671 Glenferrie Road offered a prime retail precinct with main street frontage and a secure and diverse tenancy profile.
The property was sold subject to three separate leases on a seven year term, Glenferrie Optical (three years) and an office tenant (five years) for a total annual income of $210,000.
The property comprises an older style, two storey, double-fronted, 293 square metre building, with two retail tenants on the ground floor and offices upstairs, on a 325 square metre site with a generous frontage and exposure to busy Glenferrie Road.
Glenferrie Road is a retail precinct home to many national tenants including Coles, Chemist Warehouse, David Jones and Woolworths.
Questions & Answers
Q.What is the total annual income generated by the property?
What is the total annual income generated by the property?
The property generates a total annual income of $210,000. This comes from three separate leases, including Glenferrie Optical and an office tenant.
Q.What kind of tenants occupy the building?
What kind of tenants occupy the building?
The building has a diverse tenancy profile with two retail tenants on the ground floor. Offices are located upstairs. The current leases are for seven years for one tenant, three years for Glenferrie Optical, and five years for the office tenant.
Q.Which retail businesses are located in the Glenferrie Road precinct?
Which retail businesses are located in the Glenferrie Road precinct?
The Glenferrie Road precinct is home to various national tenants. These include Coles, Chemist Warehouse, David Jones, and Woolworths, indicating a prominent retail location.
Q.What is the size and style of the property building?
What is the size and style of the property building?
The property comprises an older style, two-storey, double-fronted building. It measures 293 square metres and sits on a 325 square metre site with good exposure to Glenferrie Road.
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