How much for this tiny retail property?
A pint-sized property that might just be the smallest on the commercial market is already proving a hit with potential investors.
The tiny Kiosk 97 at Northcote Plaza Shopping Centre, just north of Melbourne’s CBD, is smaller than most residential bedrooms but is attracting big interest less than a week after it was listed for sale.
Measuring just eight square metres, and leased to mobile phone repair service The Repair Bee until 2020 with a further five-year option, the kiosk is being targeted as an entry level investment, according to selling agent Fergus Evans from Teska Carson.
Despite its meagre size, the property has been tightly-held and earns annual rent of $20,800, plus outgoings and GST, and includes 4% annual rent increases.
It’s a small, unique offering in a large, pumping shopping centre
“We’ve had quite a bit of interest, mostly from first-time investors or investors looking to put something into their super fund,” Evans says.
Evans says kiosks find their way onto the market so rarely that he can’t recall selling another one.
“It’s a bit of a rarity. I myself have never really sold a kiosk before and many of the team here haven’t either,” he says.
“It’s a small, unique offering in a large, pumping shopping centre.”
The kiosk will be auctioned on Friday, March 10.
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