This article is from the Australian Property Journal archive
A RETAIL investment property in Melbourne’s bayside suburb of Brighton, with two adjoining shops, has sold off-market for $3.6 million on a sharp yield of 2.3%.
Fitzroys Mark Talbot and Tom Fisher negotiated the sale of 393-395 Bay Street property on behalf of the Nitsos family. Talbot said the off-market transaction suited to vendor, and the property was marketed to a select group of local and offshore land bankers.
The property has a site area of 371sqm and is leased to Anmo Massage and health food shop Back 2 Nature.
He said the purchaser, a local land banker, was attracted to the property’s large land size and its location opposite the Coles supermarket and apartment complex in the rapidly developing part of the shopping strip, east of North Brighton train station.
“Brighton’s superb fundamentals, including an affluent and established residential
neighbourhood, quality private schools and modern historical homes, generates ongoing interest from investors and owner occupiers in the blue-ribbon suburb,” he said.
“Demand has spilled over from the dominant Church Street retail strip to Bay Street as buyers seek assets that will benefit from the long-term security of one of Melbourne’s best consumer catchments,” Talbot said.
Australian Property Journal
