Sharp Rise In Commercial Prices

7 June 2012
2 shops in the middle of the St Heliers village retail strip drew a big crowd for their auction by NAI Harcourts today, held round the corner at Annabelles Restaurant, and strong bidding took the yield down to 4.4% on current rent.

The property, in the same hands for 30 years, has a travel agency and a hardware shop in a single-level building.

St Heliers, 10-12 St Heliers Bay Rd:
Features: 2 shops with net floor area of 224.5 m² on 243m² site
Rent: net $121,000 + outgoings
Outcome: sold for $2.69 million at a 4.5% yield

Bob Dey report

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