This article is from the Australian Property Journal archive
AN art gallery along Sydney Rd Brunswick has sold at auction for $860,000.
The refurbished ground floor retail premises of 100 sqm at 1 Sparta Place, home of Beinart Gallery, was sold by Fitzroys agents Chris Kombi and Ervin Niyaz.
The agents said the property attracted spirited competition between five bidders at the auction, eventually selling on a 4.6% yield to a local investor.
Zoned Commercial 1, it was offered with a new 3 x 3 year lease to the gallery, which has displayed internationally renowned and emerging local artists. Current return is around $40,000 per annum plus outgoings and GST, with 4% fixed annual rental increases.
Australian Property Journal
