115 Acland Street, ST KILDA
Gross Waddell and Beller Commercial have sold 115 Acland Street, St Kilda. The property drew a large crowd and eventually sold for $3,150,000 to a local investor. The sale price represents a yield of 3.76% and a land rate of $27,155*.
This outstanding investment property is located in one of Melbourne’s most iconic retail strips within the vibrant suburb of St Kilda. The property is a part two storey brick shop and dwelling leased to Acland Street, Pharmacy for $118,500pa*.
The lease term is 5 years commencing October 2016 with a further 2 option of 5 years each.
Benjamin Klein of Gross Waddell commented, “The campaign generated a large amount of enquiry, predominantly from local and international investors and was purchased by one of these parties seeking a securely leased passive investment with healthy lease terms and annual reviews.”