This article is from the Australian Property Journal archive
A LOCAL Chinese investor has bought a retail and residential investment at Chapel St, South Yarra for $5.9 million on a tight 4.38% yield.
Teska Carson director Michael Ludski sold the three-level 265 sqm retail and residential building on a 140 sqm site at 551 Chapel St, on behalf of the vendor Federal Fuel – Lady Blue Pty Ltd.
The property was sold fully leased to two tenants, retail and residential, at a total annual rental of $258,415 net.
Ludski said the private treaty sale attracted a high level of interest with several parties vying for the property.
“It goes without saying that South Yarra property, and especially Chapel St, South Yarra property, is high on the wish list of serious property investors both locally and nationally. Should it be a securely let, architect designed, fully leased building, it will be even higher on that list and that is what the campaign bore out.
“We had a lot of interest for this property culminating in a fierce battle between several parties,“ Ludski said.
The property is the fourth Chapel St investment sold by Teska Carson in recent months.
Most recently the MAC cosmetics store at 559 Chapel St changed hands for $4 million on a 5.12% yield. Other sales include shop 1/457-459 Chapel St, which sold for $1.3 million to an owner-occupier and shop 2/457-459 Chapel St fetched $1.61 million on a 6.2% yield.
Property Review