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Retail Property in Heathmont sold on a record low yield

 

Canterbury Road, Heathmont has again proved to be one of the most in demand retail strips in Melbourne. The tightly held strip has seen several transactions in the past 6 months all achieving yields of less than 3.5%. Gorman Commercial’s Associate Director, Stephen Speck, sold 134 Canterbury Road at auction on a record low yield of 2.4%, which was offered for sale for the first time in over 50 years on Wednesday. Stephen Speck said “while the 2.4% return on the current rent of $21,364 is considered extremely low, buyers are seeing long term value in being able to buy stand-alone retail property in quality for less than $1 million”.