823 Nepean Hwy, Bentleigh
A retail showroom of 330sqm at 823 Nepean Highway, Bentleigh has old under the hammer at auction for $1.97 million. The property is leased until 2022 (with options) to bike retailer 99 Bikes, with additional rental income from the leasing of a prominent rooftop signboard. With total net rent of $99,000 per annum, the sale price represents a yield of around 5.0%.
Near the corner of Patterson Road, the property benefits from exposure to approximately 70,000 passing cars a day. With showrooms along Nepean Highway continuing to grow in popularity, this property was snapped up by an investor. Nichols Crowder’s Senior Sales and Leasing Executive, James Glen, and Sales and Leasing Executive, Sally-Anne McQuillan, marketed the property.