Rush after auction

Oct 22nd, 2014

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Article by:
Marissa Lague

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The retail property leased to luxury handbag and accessories company Mimco in Claremont's fashion hub was passed in at auction earlier this month but sold the next day for an
undisclosed amount.

Selling agent Luke Pavlos said the marketing campaign attracted strong interest from investors in the under-$5 million market.

"We were inundated with buyer enquiries to purchase the property following the closure of the auction and on the following day we received multiple offers. This result highlights the strong level of buyer confidence in the market for quality assets in prime locations," Mr Pavlos said.

"The eventual buyer had been seeking to invest in a prime retail precinct such as Bay View Terrace for a number of years.

"Of course, that means we have a number of disappointed buyers who missed out on the opportunity and are now seeking similar opportunities to invest."

Mimco has occupied the premises, located opposite Claremont Quarter and the Claremont Hotel, for more than eight years and has three years remaining on its lease.

Mr Pavlos said the property generates a passing income of approximately $190,000 a year and also has the potential to increase future returns through the development of a rear laneway.
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"Bay View Terrace is an extremely tightly held precinct, rivalling some of Australia's premier retail stiips and opportunities to purchase in these precincts are rare," he said.

Mimco has 92 outlets nationally and five stores in New Zealand. The company is wholly owned by Country Road, a subsidiary of Woolworths Holdings.

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