This article is from the Australian Property Journal archive
A STORE at Little Collins St in Melbourne's CBD has been sold off market to a local private investor for $635,000.
Located at Shop 3, 601 Little Collins St, below 360 Property Group’s residential ‘SKYLOFT 601’ development, the 26 sqm store was sold by CBRE city sales agents Ed Wright and Josh Rutman, on behalf of P & E Investments Pty Ltd.
Wright said the sale reflected a rate of approximately $24,000 per sqm, highlighting the continued value of Melbourne CBD investments.
The shop is leased to Hugo’s Expresso until 2019 returning a net income of $46,305 per annum.
“The property attracted significant interest from both local and off shore investors, with the sale transacting to a local private investor who was attracted to the high growth location of the Melbourne CBD as well as the lease tenure from an established café operator.
“There are a number of locally-based investors looking to take advantage of the current low interest rate environment and are actively seeking out well located retail investments,” he added.
Rutman also said that local investors are also taking advantage of the new Self Managed Super Fund (SMSF) regulations for purchasing commercial investment properties.
Property Review
