This article is from the Australian Property Journal archive
A RETAIL investment property in Fitzroys has sold for $805,000 on a yield of 6.2%.
Fitzroys’ Lewis Waddell and Terence Yeh in conjunction with Richard Miglic of Miglic Dean sold the 13 Smith St Fitzroy property on behalf of the developer.
They said the sale price reflected a strong building rate of $8,945 per sqm.
The brand-new 90sqm space includes one basement car park and is positioned within the Neometro’s seven-level Nine Smith Street development, which has 47 one and two-bedroom apartments and multiple retail spaces.
Business education operator Plato Project has a three-year lease with a three-year option over 13 Smith Street, returning $50,000 per annum plus GST
Yeh said the purchaser was attracted to the property’s positioning in one of Melbourne’s most popular and trendy lifestyle precincts, and the rare chance it presented to secure a high-yielding inner city asset in an affordable price bracket.
“The vibrancy of the Smith Street and nearby Gertrude Street lifestyle precincts have
prompted a surge in the local population, as Melburnians embrace inner city living and look to be close to the action of their favourite shopping, hospitality and nightlife destinations,” Waddell said.
Australian Property Journal
