DEMAND STRONG IN $2 MILLION RANGE

Demand from investors and developers for properties in the $2 million range is strong, three sales in the past week by Vinci Carbone show. The property at 283-285 Station Road, Deer Park - a 10 year lease to United Petroleum returning $156,000 a year was sold under the hammer for $2,205 million, representing a 7 per cent yield. Vinci Carbone director Joseph Carbone said the price was about 20 per cent above the vendor's reserve. The purchaser was a Sydney based investor.