2 of 3 shops in a new block of 6 on Apollo Drive, Rosedale, were passed in at NAI Harcourts’ auction today.
The third was taken off the market for negotiations on all 3 with the top bidder.
The agents said the nature of the titles – fee simple instead of unit titles – added significant development costs for a multi-unit site, but was well received by prospective buyers.
19 Apollo Drive, shops 2, 3 & 4:
Features: 1710m² site, all 3 shops 70.63m², 2 tenanted; shops on fee simple, not unit, titles, 3 parking spaces each
Rent: both $36,750/year net + gst + opex; shop 3 tenanted by dance & sportswear retailer Lyrical Ltd on 4-year lease term with 2 3-year rights of renewal; shop 4 tenanted by Gorgeous Curtains Ltd 6-year term with 4 3-year rights of renewal
Outcome: the 2 tenanted shops passed in at $751,000 each and the third withdrawn for negotiations
Agents: Geoff Thorne & Rene Geertshuis
Attribution: Auction documents.