A Brunswick industrial building has sold for the first time in 60 years for $1.65 million on a tight 3.68 per cent yield.
Teska Carson selling agents George Takis and Tom Maule said the 41-43 Weston Street property drew strong interest from investors looking for assets in Melbourne’s tightly held inner suburbs.
It was sold to a Melbourne-based private investor subject to a five-year lease to Doherty’s Gym at a current rental of $60,832 per annum net.
“We had well over 100 inquiries, 70 people at the auction and seven bidders who pushed the price $300,000 above the reserve,” Mr Takis said.
“That is a very strong result even in a strong market and of course the vendor was delighted.’’
The two-level, 650-square-metre building comprises a ground floor, 510-square-metre gymnasium and first-floor offices. The 520-square-metre site is zoned Industrial 3 and has on-site parking.
Barkly Square shopping centre is opposite the building, which is within walking distance of Sydney Road’s retail shopping precinct.
Mystery on the menu
Agents have not revealed the name of the food operator that has leased space at 134 Toorak Road, South Yarra. Photo: Supplied
An undisclosed food operator has agreed terms on a new lease at South Yarra in Melbourne’s inner east.
Leasing agent Tom Maule said the 200-square-metre premises at 134 Toorak Road owned by a Melbourne-based private investor was let at $150,000 per annum net – or $750 a square metre – on a five-year term.
The tenant, described only as well-known and experienced, will occupy part of the retail component of the Her Majesty’s Apartments development, on the corner of Davis Avenue.
“This is an excellent location for a food operator and well suited to the client’s requirements which also included a modern space with excellent frontage and exposure to main street trade,” Mr Maule said.
He said the popular and tightly held retail precinct had one of the lowest vacancy rates of any retail strip in Melbourne at around 6 per cent.
Designer finds tailor-made space
The premises at 1020 High Street, Armadale, suited the requirements of a fashionable new tenant. Photo: Supplied
Melbourne fashion designer and retailer Anna Hoffman has agreed terms on the lease of a new store in Armadale in Melbourne’s inner eastern suburbs.
Agent Tom Maule said the 80-square-metre tenancy at 1020 High Street was let at $56,000 per annum net, a rate of $700 a square metre, on a three-year term with options.
The high-profile site includes rear access, on-site parking and public transport access.
“This part of High Street is well stocked with boutique fashion and dining establishments attracting a high level of clientele from all over Melbourne,’’ Mr Maule said.
The lessor is a Melbourne-based private investor.
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