This article is from the Australian Property Journal archive
A LARGE corner retail and residential freehold with three street frontages at Yarraville in Melbourne's west has sold at auction by Kliger Wood Real Estate for $6.26 million.
The property at 12-16A Anderson St Yarraville was purchased by a private investor. The price reflects an indicative yield of 3.73% based on the total annual income from three tenancies of $233,408, which will all expire on 1 August next when the tenant is expected to exercise its option for a new 10-year term for each of the three leases.
The two storey building at 12-14 Anderson St is occupied by the IGA Yarraville Supermarket & Liquor with another part known as 16 Anderson St by the Jasmine Inn Restaurant with the part upstairs residential section at 16A Anderson St that although leased by the sitting tenant is largely vacant currently.
The L shaped property has frontages of 42 metres to Anderson St, Yarraville’s major retail precinct plus 30 metres to Ballarat St and another 12 metres to Canterbury St, to give a total site area of 1,133 sqm which holds a Business 1 zoning.
Kliger Wood agent Nick Breheny said the property is in the heart of Yarraville’s thriving retail precinct and only 10 minutes west of the CBD.
“Anderson St is lined with a number of delightfully refurbished 19th century buildings and is dotted with quaint cafes, restaurants and retail stores.
“We were anticipating interest in this property would be around $5 million but a huge crowd stopped traffic in Anderson St for the auction and the bidding was exceptionally brisk,” he concluded.
Property Review
