COMMERCIAL property values in central Warrnambool have been given an upward lift with the sale of a prime Liebig Street shop for more than $1 million.
The two-storey building leased by Katies fashions has been bought by a Melbourne investor from a Warrnambool family group which had owned it for several decades.
Wilson Real Estate partner Danny Harris told The Standard the sale showed savvy investors were seeking properties with rental yields of 8 to 10 per cent.
“We haven’t had properties with that sort of yield for about 10 years,” he said.
“Even though there’s low capital growth in commercial properties there is still good yield.
“This site has an established tenant with a good lease in place.
“Savvy investors realise the sky won’t fall for commercial property.”
The Katies building has 300 square metres of space downstairs and about 200 square metres upstairs.