This article is from the Australian Property Journal archive
A FREEHOLD investment property in Melbourne’s inner-north of Fitzroy has sold for $4.575 million on a tight 3.4% yield after attracting strong competition at auction.
Fitzroys agents Mark Talbot and Lewis Waddell sold 95-97 Smith St Fitzroy, in conjunction with Joel Wald and Simon Watkin of MMJ Real Estate, on behalf of the Zelwer family.
The agents said more than 100 enquiries were received during the campaign, leading to fierce competition between four bidders at auction.
Located within the prime section of Smith St, and near the corner of busy Gertrude St, the 434 sqm site has a wide frontage of 10.95 metres and a double-storey building of 697 sqm.
Waddell said the offering was a quintessential inner-north Melbourne freehold, home to video game-themed nightspot Pixel Alley at St level and popular bar Mr Wow’s
Emporium on the first floor. Australian Education Academy also occupies a space on the ground floor of the building. The property returns $184,000 per annum net plus GST with a lease profile expiring in April 2023.
Waddell said the purchaser is a private investor who has acquired the property as an investment and future value-add play.
“A range of buyers were attracted to the property’s attractive Commercial 1 zoning in a high-growth area, with a large number of office and residential developments taking place nearby that will further underpin the strong trading throughout Smith St and sustain rental growth.”
According to Fitzroys’ latest Walk the Strip report, Smith St has among the lowest vacancy rates of Melbourne’s iconic shopping and lifestyle strips at just 2.7%.
