This article is from the Australian Property Journal archive
A SHOP and dwelling in Melbourne’s bayside suburb of Brighton has sold for the first time in 45 years for $3.08 million, setting a new benchmark yield of 1.9%.
Fitzroys’ Mark Talbot and Terence Yeh handled the sale of the 83 Church St property, on behalf of vendor Sadie Wayne.
Talbot said the auction attracted a crowd of more than 100, which saw fierce competition between five bidders before it was knocked down at $3.08 million.
The 240sqm site is improved by a two-level building with a prominent ground-floor shop leased to Spencer’s of Brighton; a two-bedroom and study apartment on the first floor and off-street parking for three cars.
Talbot said the property’s versatility within what is widely considered to be Melbourne’s best-performing retail strip attracted substantial enquiry from local, interstate and offshore parties.
“The property offered excellent rental growth and value-add potential, enhanced by its attractive Commercial 1 zoning and design and development overlay that allows for a building height of up to 11 metres, or three storeys.
“Investors and owner occupiers could capitalise on strong trading conditions and continued growth prospects of the area, whilst developers were looking for a chance to make their mark on Melbourne’s premier retail precinct,” he added.
Talbot said Church St Brighton is a thriving shopping precinct and includes most of Australia’s new and established fashion operators, and currently has just one vacant shop, which is currently under offer.
Australian Property Journal
