This article is from the Australian Property Journal archive
A TWO-level Balaclava retail arcade, with eight tenants across 12 spaces, and adjoining a Coles supermarket has sold for $11.1 million.
The 1,227 sqm 228-232 Carlisle Street building is positioned in the heart of the retail precinct on an 817 sqm site, and sold at a land rate of $13,856 per sqm and yield of 4.3%.
It has six ground-floor shops and two large first-floor offices, with tenants including Vintage Cellars, City of the Port Phillip and a pharmacy, and a combined return of $482,958.50 per annum net.
Zoned Commercial 1, it sold with multiple options for strata subdivision or redevelopment.
Allard Shelton’s Joseph Walton, James Gregson, Michael Ryan and Patrick Barnes sold the property in conjunction with Daniel Wolman, Peter Bremner and Oliver Hay of Colliers.
Australian Property Journal
