This article is from the Australian Property Journal archive
A RETAIL property investment in Melbourne’s inner-northern suburb of Fitzroy has sold for the first time in 32 years.
Fitzroys agents Ervin Niyaz and Terence Yeh, in conjunction with Mario Lionetti of Woodards, have sold 180 Brunswick Street, Fitzroy for $1.03 million on a 4.3% yield.
The sale price reflected a strong land rate of more than $15,000 per sqm.
The agents acted on behalf of Wai Man Tse and Selina Pun Fun Tse. The property had been held within the family for 32 years.
Zoned Commercial 1, the property has a two-storey building of 136sqm leased to high quality café Newtown Specialty Coffee on a 3+3-year term. Ungar Investments Pty Ltd was the buyer.
“We received strong interest due to the nature of the offering being a rare freehold in Fitzroy at a price point under $1.1 million,” Niyaz said. “More than 80 enquiries were generated throughout a very competitive campaign. As a result, a huge land rate for a narrow shop was achieved.”
Yeh said the offering’s investment credentials were underpinned by its lease to a quality café operator on famous Brunswick Street, Fitzroy, and located in the heart of a booming inner-city area that bodes well for rental growth.
Fitzroys has just sold the substantial double-storey retail freehold at 95-97 Smith St Fitzroy, for $4.575 million at a sharp 3.4% yield, also leased to hospitality and lifestyle tenants.
More than 100 enquiries were received for the property, comprising a double-storey building of 697sqm in the prime of the retail strip that is home to video game-themed nightspot Pixel Alley at street level, and popular bar Mr Wow’s Emporium on the first floor.
