Blackburn South Retail Property Sells At Auction For 45 Per Cent Over Reserve

A retail property in Blackburn South has sold under the hammer for $2.095 million for a 2.8 per cent yield.

More than 120 people attended the auction for the property at 106-112 Canterbury Road, Blackburn South.

Five offshore buyers and two local buyers bid for the property, pushing the price 45 per cent ($905,000) above the reserve.

The property comprises over four freestanding retail properties on a corner site of 743sqm of Commercial 1 zoned land.

The property is fully leased to three secure retail tenants including a newsagency and the Charlotte's Corner cafe and currently provides an annual income of $91,492 per annum.

CBRE Melbourne's Rorey James, Jamus Campbell and Lewis Tong sold the property.