Three Victorian commercial properties have been sold at auction by agents of Gross Waddell and Lemon Baxter.

A retail shop at 266 Glenferrie Road, Malvern, a café at 186 Faraday Street, Carlton, and an office building at 226 Albert Road, South Melbourne, were all sold at auction.

The 140 sqm convenience store property in Malvern with two car parking spaces was leased for $51,100 per annum, generating a yield of 5.8% from the $880,000 sale at the auction that attracted a crowd of 40.

As previously reported by the Australian Property Review, Victor’s Café and Bar in Carlton was leased for $68,250 per annum for five years with two further five-year options.

Bidding from the crowd of 60 people started at $500,000 before finishing at $1.1 million, giving the sale a yield of 6.2%.

The three level office building of 419 sqm with five car parks in South Melbourne was sold at auction for $2.591 million, having grown from a starting bid of $1.8 million thanks to the 60-strong crowd.

The Business 5-zoned property with short-term income was marketed in conjunction with agents of Lemon Baxter.

Gross Waddell agents, Tamara Gross, Jonathon McCormack, Raoul Salter and Alex Ham marketed the properties.

by Mark Bristow: Thursday December 3, 2009