This article is from the Australian Property Journal archive
A PRIVATE family has sold a former milk bar in Camberwell in Melbourne’s inner east for $550,000.
Fitzroys’ Chris James and Jordan Ceppi handled the sale of the vacant freehold at 389 Camberwell Rd Camberwell. They said the sale price reflects a high a land rate of circa $8,000 per sqm.
James said the property attracted more than 100 enquiries before selling to an owner occupier in the building industry.
The 69 sqm site formed part of the vendors’ long-running milk bar, with the adjoining corner property at 387 Camberwell Rd. Fitzroys sold the 78 sqm property at number 387, now operating as café Cam’s Corner, late last year for $790,000 at a 4.1% yield after another campaign that received more than 100 enquiries.
James said 389 Camberwell Road presented the opportunity to purchase one of
Camberwell’s most affordable freeholds.
“Owner occupiers were particularly prominent in the enquiry, with professional services operators including builders, architects and physiotherapists all chasing the asset and hoping to gain a presence in the area,” he said.
Ceppi said this reflects the confidence operators have in the area’s strong catchment that is becoming a more attractive due to its sizeable residential development pipeline.
Throughout the inner east, Fitzroys has just sold 947 Burke Rd for $1.72 million, at a record land rate for the precinct of more than $17,000 per sqm. The sale price also reflected a sharp 4.3% yield and is securely leased to Classique Nail & Spa.
Fitzroys has recently sold the Hawthorn home of Sisko Chocolates to a local investor at a sharp 3.5% yield, for $1,357,500, following the sale of a shop and dwelling at 265 Camberwell Rd Camberwell for $1.425 million, at a tight 3% yield after more than 100 enquiries.
