Investor Purchases Wells Street Retail Property

A corner retail property in Wells Street, Frankston has been sold to a private Melbourne-based investor for more than $3 million.

The 492sqm property at 2-14 Wells Street was sold by Fitzroys' Mark Talbot and Michael Ryan.

The property included a 600sqm two-level building with eight ground floor retail shops and 11 commercial office spaces on the first floor.

Located opposite a train station in central Frankston, the store generates a fully leased potential income of $220,000 per annum.

Frankston is undergoing multiple government improvement projects including the $100 million upgrade to the Frankston train line, The Wells street improvement project and the Frankston Station Precinct Redevelopment.