This article is from the Australian Property Journal archive
A PRIME commercial property along Moonee Pond’s Puckle St shopping strip has changed hands for the first time in more than 75 years.
Fitzroys agents David Bourke and Terence Yeh sold 57 Puckle St property in conjunction with Richard Seeley and Susie Mason of Barry & Matthew Iles.
Bourke said multiple bidders competed for the two-storey building, which sold for $1.54 million under the hammer at a sharp 3.25% yield to a local investor who will look to value-add in the future. The building is occupied by Vodafone on a long-term deal. The property occupies a land parcel of 237 sqm.
“After more than 75 years of ownership, the vendors recognised the once-in-a-lifetime opportunity presented by the remarkable growth prospects of Moonee Ponds to put their asset to the market, with investors and landbankers harbouring a huge appetite for well located Melbourne retail strip properties with strong lease covenants and attractive growth prospects,” Yeh said.
Fitzroys recently sold the two-level 85 Puckle St building for $2.285 million to a China based investor following an auction that generated 118 bids, as well as 127 Puckle St for $1.35 million to a dental clinic after the property was offered to the market for the first time in 31 years.
