This article is from the Australian Property Journal archive
A LOCAL investor has paid around $5.86 million for a block of 15 studio apartments in Melbourne’s bustling inner-north suburb of Fitzroy.
Savills agents Clinton Baxter, Nick Peden and Mark Stafford sold the 545 sqm site at 29-33 King William Street following an expressions of interest campaign that attracted more than 120 enquiries.
It has a fully leased three-level building of 615 sqm that currently returns $227,604 per annum, with the sale price reflecting a gross yield of 3.8% and land rate of $10,750 per sqm.
The site has rear laneway access and was marketed as an investment opportunity with refurbishment and value-add potential. It is located close to the popular Brunswick Street lifestyle and hospitality precinct.
Australian Property Journal
