QUEENS PARADE SITE TOPS $6M

An industrial property in North Fitzroy fronting Queens Parade has been sold at Auction for $6.1 million. Agent Joseph Carbone said the final price, which created a yield of 4.79%, was well above the anticipated $3-4 million, More than 100 people attended the auction and there were nine bidders. "The eventual result exceeded the reserve by a substantial amount," he said. The 3,177 sqm property, sold on behalf of Gerard Corporation, is at 81-89 Queens Parade and also fronts George Street. It is fully leased with a secure bank guarantee. Rental income is $292,500 a year, with fixed increases of 4% a year.