745 Centre Road, Bentleigh East
The retail shop at 745 Centre Road, Bentleigh East being leased to well-established and popular Chinese restaurant, King 88 has sold at auction for $1.03 million on a yield of 3.24%. The building of 110sqm on land of 186sqm was located in the heart of a tightly-held shopping strip. The auction attracted a crowd of 60 onlookers, with three bidders making over 50 bids before the property was sold under the hammer.
James Glen, Senior Sales and Leasing Executive, says “The low yield reflects the shortage of stock currently available to the market, and the strong demand for retail shops. Also, with more apartments being built in Bentleigh East, investors are anticipating steady population growth and greater household expenditure across the suburb, which adds to buyer confidence.”