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RETAIL SHOP IN SPRINGVALE SOLD FOR OVER $2 MILLION
Crabtrees Real Estate’s Steven Salopek and Chris McKenzie achieved an outstanding result at a recent auction at 238 Springvale Road, Springvale.
The 222m² retail shop in the centre of the Springvale Activity Centre had a passing net rent of $46,847 pa plus GST and sold under the hammer for $2.2 Million, reflecting a yield of 2.1%.
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Purchased by a local investor growing his portfolio, the successful bidder came from a healthy crowd which created excellent competition to maximise the sale result.
“Springvale is one of Melbourne's busiest and fastest growing activity centres and is currently undergoing significant revitalization,” said Salopek. “With its Commercial 1 zoning the property has significant future development potential (STCA).”