319 MAIN ST, MORNINGTON
Posted on 13 May 2016
SIX bidders fought it out for a medical property, sold under the hammer last month by Vinci Carbone. The agents reported that their auction was attended by close to 100 people. The property was knocked down to a Melbourne-based investor for $4,025,000 representing a yield of 4.59 per cent after the property was declared on the market at $3,500,000.
The property comprises a new medical centre with a 10-year lease, located on the Mornington Peninsula at 319 Main Street, Mornington.
"The campaign generated 110 enquiries over a four-week period with over 25 inspections," selling agent Joseph Carbone said
"It just goes to show the level of demand for well-leased investment properties ...
We are currently experiencing unprecedented levels of demand for investment properties with yield expectations dropping substantially over the past 12 months.
Yields of 4.5 per cent are the new norm."