This article is from the Australian Property Journal archive
A classic Church Street, Brighton, investment has sold by Fitzroys for a record price of $875,000 – a yield of just 2.22%.
Mark Talbot, of leading commercial agency Fitzroys, said the existing office/service retail building comprised a land area of 228 sqm approximately, with a building area of 134 sqm. Parking for four cars off-street was accessible from the rear ROW.
Talbot added the property was sold subject to an existing lease of $19,464 per annum net plus GST which was due to expire in May 2007.
Talbot added that in the event the tenant exercise their option for a further term of three years from May 2007, a market rent review would take place.
This transaction continues a run of successful sales by Fitzroys in the prestigious suburb of Brighton in the last six months, whereby Fitzroys were appointed to sell a large parcel of commercial land on behalf of the Royal Brighton Yacht Club. This sale also reflected a new record price for land value in the area.
By Kathryn O’Meara
