Investors target High Street shops

SALES Armadale A shopfront at 1048-1050 High Street sold for $3 million to an owner-occupier in an off-market sale, according to Dixon Kestles & Co's Ian Price. The 326-metre-property with a 10-metre frontage to High Street will be renovated by the new owner later this year. In another sale, a high visibility showroom at 439-443 Swan Street with a total land area of 600 square metres sold for $3.6 million to a private investor. Both transactions show continued strong interest in high-profile well located main road commercial properties, he said. Camberwell A modern shop leased to Petra Haircare at 775 Burke Road has sold for $2 million. Petra pays annual rent of $72,000 net on a...