This article is from the Australian Property Journal archive
A US-based investor has bought a retail investment on Flinders St in the Melbourne CBD for $939,000 on a gross yield of 7.1%.
Fitzroys agent Andrew Hewett sold the property at 557 Flinders St on the corner of Norval Place.
Hewett said the US-based investor beat other international parties including from China and Singapore.
The Capital City Zone 1, two-storey property, with a frontage of around eight metres, was sold subject to leases to Eat Pizza, returning $46,800 and which has six years remaining with two further seven-year terms, and a Commonwealth Bank ATM, returning $19,469 ending March 2016 with two further terms of five years.
Hewett said the buyer were attracted to property by the rare opportunity it presented to secure a quality CBD retail investment within a rapidly developing section of Flinders St.
Property Review
