Gross Waddell ICR is delighted to advise the successful sale of 25 Mason Street, Newport at auction last Wednesday for $1.725 million.
Situated in the heart of Newport Village, the property is surrounded by amazing lifestyle amenities including trendy cafes, shops, Newport Train Station, bus interchange, parklands and more. This popular inner-city suburb is renowned for its community vibrance and thriving retail and entertainment opportunities.
The tenant, Cellarbrations of Newport pays a current rental of $45,600 p.a. on a short-term basis.
• The property comprises two retail shops combined to offer a building area of 298 sqm
• Total landholding of 385 sqm plus rear access via R.O.W
• Broad street frontage of 12.64 m
• Commercial 1 zoning (C1Z)
Andrew Greenway commented, “four bidders competed for the property resulting in the sale price of $1.725 million after being placed on the market at $1,600,000, the sale price represented a yield of 2.4%”. Raff De Luise said, “the campaign generated strong interest from all buyer sectors which was purchased by a local investor”.
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