Investors turned their heads Milton in August, with a savvy buyer scoring their own slice of the prime retail property market at Burgess Rawson Sydney’s Portfolio Auction.
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The property, tenanted by Flour Water Salt Bakery and Gelato on the Princes Highway, sold for $796,000 with a 5.62 per cent yield.
According to selling agent, Sam Horwitz, the Milton retail property was a “true gem” in an outstanding location.
“Milton is located within the thriving South Coast region, which is a popular spot for Canberians and Sydneysiders to holiday,” Mr Horwtiz said.
“This whole area continues to benefit from increased tourism and population growth.”
Mr Horwitz said the “affordable” investment was home to an established business, but the property also offered flexible B2 Local Centre Zoning.
“Meaning future usage is very adaptable,” Mr Horwitz said.
Under Shoalhaven City Council’s Local Environment Plan 2014 the objectives of zone B2 local centre includes providing retail, business, entertainment and/or community uses for residents that live locally.
Child care centres, function centres, medical centres, indoor recreational facilities, commercial premises and tourist and visitor accommodation are permitted with consent under zone B2.
