This article is from the Australian Property Journal archive
HEIDELBERG’s Burgundy Street has seen another strong retail sale, with two adjoining shops on one title selling under the hammer on a sharp 2.9% yield.
The 123-125 Burgundy Street offering sold for $2.725 million, 35% above reserve and at a land rate of $15,139 per sqm. The site encompasses a land area of 180sqm and comprises Menaje Hair Studio and café Rocket.
Alex Ham and Michael Gross of Gross Waddell sold the property, which attracted 80 people at auction.
“With significant and strategic holding in the heart of one of Melbourne best and renowned retail strips, interest in the property came from primarily local investors and developers with the eventual purchaser being a local investor keen to secure a superbly located asset with future potential,” they said.
Last month the Bendigo Bank site at 164-166 Burgundy Street sold at auction for $5.302 million, on a 3.4% yield and at a land rate of around $7,470 per sqm.
The site sold with a development overlay for a six-to-eight level project comprising 30-plus apartments and ground floor retail.
Australian Property Journal
