This article is from the Australian Property Journal archive
A LOCAL investor has picked up a double-fronted Carlton retail and office freehold after auction for $3.4 million.
Savills agents Nick Peden, Jesse Radisich and Glenn Ye, in conjunction with Cameron Elliott of Blount Osborne Walsh sold 633-635 Rathdowne Street.
Fully leased to three long-term tenants, the two-level 450 sqm building has two ground-floor retail spaces and first floor office, and returns a net income of $203,398 plus GST and outgoings.
It is on a 229 sqm Commercial 1-zoned site with a frontage of 11.6 metres to Rathdowne Street. The sale price reflected a land rate of $14,847 per sqm.
“The desire for high calibre retail has never been more prevalent in the Melbourne city fringe market,” the agents said.
Australian Property Journal
