This article is from the Australian Property Journal archive
A SOUTH Melbourne retail property leased to national burger chain Grill’d has sold under the hammer for $3.36 million on a sharp yield of 3.4%.
Fitzroys agents Andrew Hewett and David Bourke handled the sale of the 278 Clarendon St South Melbourne property.
The two-level building is wholly leased to Grill’d on a new 7+7-year deal, which boasts over 115 stores nationally.
Hewett said the sale highlights the demand for properties with national brand names and long leases.
“We received huge enquiry given the tenant is known brand nationwide, the property’s secure lease and that it is situated in the prime section of the retail strip, opposite the Clarendon Centre,” he added.
Hewett said Clarendon St has recently seen a resurgence in service retail and fashion sectors.
Australian Property Journal
