A brand new purpose built funeral parlour in Carrum Downs (10 minutes from Dandenong and 5 minutes from Frankston) sold 2 days prior to auction for $3.5m.
The 375sqm building on 5,800sqm of land was partially leased to Bethel Funerals (World Investments Pty Ltd) had 40 car spaces on site and offered 3 street frontages.
Based on an annual rental of $140,000 p.a, 620 Frankston - Dandenong Road sold on a yield of 4%.
Michael Crowder of Nichols Crowder Property Solutions said "the campaign generated over 50 enquiries. The local investor / developer was attracted to the huge street frontage, situated on a major intersection (opposite Bunnings), the quality tenant and build plus the site had further development potential."
For enquiries contact:
Michael Crowder - 0408 358 926