Fitzroys‘ Chris Kombi and Ervin Niyaz have sold six out of six shops offered within Mosaic Village, at 53 Mosaic Drive, Lalor, in just a few short weeks for a combined $4.67 million.

Shops 1, 2, 3, 4-5, 6 & 9, Mosaic Village, 53 Mosaic Drive, Lalor sold to passive investors looking to shore up their income stream continue to demonstrate an insatiable demand for strata-titled Melbourne retail assets with long leases.

The properties were offered for private sale and sold in quick succession at an average yield of 5%. Fitzroys’ targeted marketing campaign generated well over 250 enquires, mostly from passive self-managed super fund investors (SMSF).

All shops were offered with minimum five-year leases in place to a variety of tenants including, pizza, fish and chips, laundromat, convenience store and gym.

Located within Lalor’s Mosaic Village, the six shops are leased to a variety of businesses that include take away food outlets, laundromat and a convenience store.

Built in 2018, Mosaic Village is anchored by a state-of-the-art Nino Early Learning Adventures childcare centre situated within the Mosaic Living Estate, a fully developed 650- lot residential estate 18 kilometres north of the Melbourne CBD.

Kombi said the properties were bought by separate SMSF investors and local buyers looking to shore up their immediate income.

“These sales demonstrate the huge appetite for passive and secure investments in the COVID-normal and ultra-low interest rate environment that is expected to remain for some time,” he said.

“Each these properties were offered with long leases and traded on an average yield of circa 5%.

“Well-leased strata-titled assets tick all the boxes of these requirements. They offer an easier management proposition as an owners corporation oversees maintenance, while low land tax liabilities don’t cut into the return, and the Mosaic Village properties are recently- constructed which offers strong tax depreciation benefits.”

 “Since early last year, we’ve seen a rush of enquiry from SMSF investors preparing for their retirement, or retirees wanting to buy a property that will immediately improve their income,” Niyaz said.

“Demand from this segment of the market has been growing and we expect that to continue in the current environment.

“Furthermore, these assets’ location in Melbourne’s booming northern growth corridor enhances their long-term security profile.”

The deals follow Fitzroys negotiating the sales of 14 strata-titled retail assets at Aurora Village in the neighbouring suburb of Epping. 

To request a sales analysis please contact either of the selling agents via the below contact details.