This article is from the Australian Property Journal archive
A DUAL fronted freehold in Camberwell in Melbourne’s inner east has sold for the first time in 50 years, fetching $4.28 million on a high land rate of $15,000 per sqm.
Fitzroys agents Chris James and David Bourke sold the 628 Burke Rd property, the long-term home of iconic Camberwell Centre Newsagency.
James said the purchaser will look to redevelop and reposition the asset, utilising its potential to create separate tenancies and the dual frontages to Market Place and Burke Rd, and reflecting their confidence in the prospects of Burke Rd, Camberwell and the surrounding retail precinct.
The property was sold with a short-term lease, which Bourke said effectively represented vacant possession. The newsagency has been in occupation for 25 years.
James said the campaign marked the latest demonstration of strong property enquiry and sales results across Boroondara and the inner-east.
Fitzroys recently sold 947 Burke Rd for $1.72 million, at a record land rate for the precinct of more than $17,000 per sqm and at a sharp 4.3% yield, and the two-level building at 849 Burke Rd for $1.675 million at a sharp 4% yield.
