MORNINGTON RETAIL STRIP REELS IN 4M

MELBOURNE-based investor has acquired four shops in a row at Mornington for $4.05 million on a sharp yield of 3.86%, in a sale negotiated by Vinci Carbone.

Vinci Carbone's Joseph Carbone and Frank Vinci sold the property at 55-61 Main St Mornington via auction last week, and said the price was well above the vendor’s reserve price expectations.

Vinci and Carbone sand there were seven bidders amongst a crowd of over 100.

"This auction result clearly demonstrated the high demand from the private sector for well located retail investment property.

"With over 120 enquires received throughout the campaign, it is evident investors and developers are willing to consider outside the traditional Melbourne metropolitan suburbs mainly due to the short supply of opportunities," he added.

The vendor was a local private family who had owned the property for close to 35 years.

The retail complex comprises four shops plus first floor offices on two titles comprising 420 sqm on a 795 sqm site. The total rental is $156,485 p.a. plus outgoings.

Vinci said the property represented a rare opportunity for investors and/or developers to purchase a substantial allotment of land with cash flow plus enormous future development potential (STCA).