This article is from the Australian Property Journal archive
AN inner-Melbourne retail shop has sold under the hammer for $1.88 million, $580,000 over the reserve.
CBRE agents Rorey James, Josh Twelftree and Benson Zhou marketed the property, at 79 Gertrude St Fitzroy on behalf of a Melbourne architect.
Set on a land area of 118sqm, the 200sqm two-storey building was sold with a five-year lease returning around $65,000 per annum, reflecting a 3.4% yield.
The purchaser was co-founder of Stereosonic music festival Frank Cotella, who owns the two shops next door to the property.
Australian Property Journal
