Pakington St investment sold at auction

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Pakington St investment sold at auction

A GEELONG investor has snapped up a high profile tenanted investment property at auction.

The 145sq m Commercial 2 zoned building at 1/69 Pakington St, Geelong West, sold under the hammer for $736,000.

Darcy Jarman, Geelong West, agent Simon Jarman said the auction drew a big crowd and four bidders, which were a mixof Melbourne and Geelong buyers.

The bidding opened at $500,000.

Mr Jarman said the property sold at a yield of 4.75 per cent, which he said was reasonably tight given other comparable sales to date.

The property is leased to Stroud Homes on a five plus five year lease that started on June 1, 2017 and returns about $35,000 a year in rent.

The property is at the northern end of Pakington St, past Pakington Strand shopping centre and last traded for $540,000 in 2015, CoreLogic records show.