Prime Bendigo asset attracts national attention

Bendigo asset

Investors across the country have pursued a prime Bendigo retail space occupied by an ASX- listed Specialty Fashion Group, which eventually sold to a Melbourne-based investor for $1.57 million.

Chris Kombi and Terence Yeh handled the campaign for the 19-21 Mitchell Street corner property in the major regional centre’s CBD. The prominent two-level building enjoys a generous land area of 449 sqm and a frontage of 12 metres to Mitchell Street.

It hosts a retail outlet shared by the Specialty Fashion Group’s Rivers, Millers and Crossroads labels. Yeh negotiated the lease to the Group in May at $110,000 per annum net on behalf of the vendor, another Melbourne-based private investor.

Kombi said the property generated strong interest from a variety of local and interstate investors, attracted to the typically higher yield on offer for regional properties, as well as the property’s high profile tenant and prime position within a region offering substantial growth prospects.

According to research commissioned by the City of Greater Bendigo, the region is earmarked for population growth of more than 35% over the next 20 years. Yeh added that the exclusive location is close to key national tenants including Commonwealth Bank, Priceline, Telstra and Myer, as well as Hargreaves Mall.

Tradelink sale confirms strong Peninsula sentiment

MP Burke Commercial Real Estate recently sold a small industrial property located in Capel Sound on the Mornington Peninsula for $1,150,000 on a strong passing yield of 5.63%.

The property, which is leased to Tradelink, was sold to a local private investor seeking a secure income from an established tenant.

“Tradelink is strategically located within the Rosebud Industrial Estate on the Mornington Peninsula," MP Burke’s, Pat Burke explained.

"We received good enquiry from investors, developers and owner-occupiers seeking a secure cash flow, strong lease covenant and scope to value add within one of Victoria’s fastest growth corridors."

The property, 11 Henry Wilson Drive, Capel Sound, is a freestanding showroom/warehouse comprising customer service reception, showroom display area, high clearance warehouse with side and rear roller door access, rear loading bay and on-site parking.

Henry Wilson Drive, Capel Sound is approximately one (1) hour drive from Melbourne’s CBD via the Mornington Peninsula Freeway and forms part of one of the largest industrial estates on the Mornington Peninsula.

The property is leased to Crane Distribution Limited trading as Tradelink, a fully owned subsidiary of New Zealand stock exchange listed company Fletcher Building Limited.