ELWOOD CAFE SOLD ON 5% YIELD

A RETAIL premises on the corner of Ormond Rd and Docker St in Melbourne’s bayside suburb of Elwood has been sold at auction for $1.2 million. The property which is leased to The Wild Café premises was sold on a yield of 5%. The Wild Café has approximately five years remaining on the current lease. The current rental is approximately $61,449 per annum. The shop area is approximately 77 sqm plus two secure car spaces. Joseph Carbone and Frank Vinci of Vinci Carbone Property said the auction was strongly contested with four separate bidders. Located 8.5kms of the Melbourne CBD, Elwood is one of Melbourne’s most sought after bayside residential suburbs. Elwood village is filled with popular cafes, bars, restaurants and specialty retail shops.