A multi-tenanted investment in Byford, anchored by 10 year leases to IGA Supermarket and Bottle-O Liquor Store has been purchased by a private Sydney investor for $5,100,000 after a competitive bidding campaign.
The property forms the central part of the Lakeside Plaza Shopping Centre complex with a building footprint of 1,766 sqm, was sold by Michael Milne from Ray White Commercial WA on behalf of his private local developer seller who specialises in local retail centres.
Mr Milne said that the strong net passing income of approximately $330,000pa made it an incredibly attractive investment, generating interest and multiple offers from both eastern state and local buyers.
“After a competitive bidding process, the winning buyer was a private Sydney investor who is already well experienced in the Perth market,” Mr Milne said.
“We are experiencing a strong amount of interest from investors in the eastern states for solid assets like these, as well as a strong local contingent,” he said.
“Byford is a rapidly expanding metropolitan suburb about 40kms southeast of the Perth CBD, so we are expecting even more development and population growth in this area.”
Senior Commercial Property Advisor
Ray White Commercial WA
0403 466 603
Ray White Group
0448 841 606