This article is from the Australian Property Journal archive
TWO prime retail investments at Footscray in Melbourne's west have sold at auction for a combined $2.362 million.
Located at 87 & 89 Nicholson St Footscray, the properties were sold for $1.12 million and $1.242 million respectively.
Selling agents Sutherland Farrelly`s Michael Major negotiated the sales.
87 Nicholson St Footscray comprises a part two storey 180 sqm retail premises and was offered subject to a monthly tenancy to a longstanding tenant at a passing rental of $55,167 per annum plus GST (gross).
89 Nicholson St Footscray has a building area of 177 sqm and was offered subject to a new five plus five-year lease at a commencing rental of $56,000 per annum plus GST (gross).
“The properties attracted strong investor interest, in what has been a traditionally tightly held retail precinct at prices above our client’s expectation,” Major said.
Australian Property Journal
