This article is from the Australian Property Journal archive
RICHMOND continues to roar as another retail and commercial asset in the popular city fringe suburb changes hands at a tight yield.
A Melbourne-based investor’s winning bid of $1.15 million for the 146 sqm Victorian terrace building at 410 Church Street in the Richmond Hill precinct reflected a tight 3.48% yield and building rate of $10,849 per sqm.
Zoned Commercial 1, the 106 sqm site is leased to a skin and laser clinic on a two-year deal with a two-year option, currently returning $44,995 per annum plus GST.
The Richmond Hill precinct is located close to the Swan Street and is adjacent to the heart of Church Street’s growing retail and hospitality offering.
Teska Carson’s Fergus Evans and Tom Maule sold the property on behalf of another Melbourne investor.
“This is very much about the location – a sought after buy accutane online with prescription precinct within what is undoubtedly one of Melbourne’s most sought after suburbs – and the opportunity to purchase a secure investment in a suburb which will continue to see strong capital growth,” Evans said.
He said the property’s long list of attributes includes its secure lease, Richmond Hill location, Church Street exposure, easy access to transport and the CBD, strong growth potential, and Commercial 1 zoning.
Maule and colleague Larry Takis last week sold a vacant Commercial 1-zoned retail and showroom property at 221 Swan Street for $1.255 million, to an owner occupier with plans to utilise its mixed use development potential in future.
Closer to Yarra Park and the MCG, a 382 sqm, two-level short-stay accommodation building at 151-153 Hoddle Street changed hands late last month for $2.3 million at a 5.3% yield.
Australian Property Journal
