WA investor catches Subway in Melbourne despite late landing

Western Australia to Melbourne is a long way to fly, only to find you’ve missed the auction you flew in for.

But a Perth-based investor who jetted into Melbourne in the hope of gobbling up a Subway restaurant got lucky, with the property passing in at auction and sold to him straight after.

The investor was set to make a play for the restaurant at 1/528 Victoria St, and might have missed out if buyers had been determined at auction, as he was unable to get there in time.

Ray White Commercial Nunawading’s Brett Diston says the property passing in opened the door for the Perth buyer to swoop that same day.

“They were flying in to buy at auction but luckily for them we had passed the property in,” Diston says.

“So we negotiated as soon as they arrived.”

The Subway in North Melbourne spans 80sqm.

The 80sqm shop, which lies abut 2km from the CBD, sold for $900,000 on a 4.4% yield.

Diston says the asset offered a stable investment, with Subway having occupied the building for seven years already.