Vermont South milk bar goes off in 10 days
Vermont South vendors might just be in blue heaven after selling their milk bar and attached residence in just 10 days.
The quick-fire sale of 6 Weeden Drive was done for a sweet $950,000 via private treaty, or 4.75 million bags of 20-cent lollies.
Philip Webb senior sales consultant Joseph Corsi says it is a great outcome.
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“It certainly was quick for a private treaty sale,” Corsi says.
“It was a unique opportunity; I certainly hadn’t come across anything like that with residential zoning in my time.
Corsi says the owners have used the property as an investment and now planned to retire.
“The rental yield wasn’t particularly high because they had to set up for the people running the milk bar to also live in the residence above,” he says.
“But there is certainly scope to split the two so you could generate two separate income streams.”
He says the new owners plan to continue its stint as an investment property.
“If it’s to be redeveloped down the track, you could probably fit a small townhouse project on the (576sqm) block, or a new home,” he says.
Corsi says the owners purchased the property in 2002. Sales records reveal they paid $270,000.
The four-bedroom upstairs residence also had a living room, and kitchen with sit-in meals area.
It was quoted at $850,000-$930,000 prior to the sale.
This article from Leader Newspapers was originally published as “Sweet deal, quick sale for Vermont South milk bar”.