This article is from the Australian Property Journal archive
A RETAIL investment property along Chapel St South Yarra has changed hands for the first time in 35 years, after it was snapped up by a Taiwan-based investor.
Fitzroys’ James Lockwood and Mark Talbot sold the property at 479 Chapel St South Yarra for $2.72 million.
Located opposite the Jam Factory, the property was sold a building rate of $26,150 per sqm and land rate of $18,500 per sqm. The 147sqm site is leased to national retailer Hairhouse Warehouse on a seven-year lease, with a further seven-year option.
The agents said the property attracted strong interest and was offered for the first time in 35 years.
Lockwood said the property attracted more than 100 buyer enquiries.
“The property’s absolute prime position in the iconic retail strip attracted a mix of local and offshore buyer groups, with the purchaser a Taiwan-based investor,” he said.
Talbot said the strong enquiry from a range of buyers demonstrated the confidence investors have in Chapel Street, South Yarra’s future prospects.
“The local residential population is continuing to boom, underpinning the future upside of the strip, led by the nearby Forrest Hill project that is home to nearly 4,000 residents and has seen around $2 billion worth of construction take place,” Talbot said. “This includes the upcoming developments such as the 50-storey Capitol Grand development on the corner of Toorak Road nearby, the 661 Chapel St development and the 10-level, 176-room hotel mixed use development at 402 Chapel St.”
Australian Property Journal
