This article is from the Australian Property Journal archive
THE Albert Park Mecca Cosmetica premises have attracted a local private investor, who paid $3.855 million under the hammer for the shop, offered for the first time in 50 years.
Knight Frank’s George Burbury, Tim Grant and Paul Pellegrino marketed 125 Dundas Place in Melbourne’s inner south.
Five bidders competed for the 141 sqm retail property on a 218 sqm site, with the sale price reflecting a sharp 2.7% yield.
Zoned Commercial 1, it changed hands with a new five-year deal with a five-year option expiring 2027, bringing $107,687 per annum.
Major make-up retailer Mecca Brands has expanded from its first store in nearby Toorak Road, Sourth Yarra, which opened in 1997, to more than 90 Mecca Cosmetica and Mecca Maxima locations across Australia and New Zealand.
Australian Property Journal
