This article is from the Australian Property Journal archive
A SUBSTANTIAL corner site on Carlisle St at Balaclava in Melbourne’s inner south, has sold for $8 million to a private investor on a tight 2.5% net yield.
Beller Commercial agents Liam Rafferty and Brendan Goss sold the property, known as “Carlisle House” at 318-320 Carlisle St on the corner of Carlisle and Westbury Streets, on behalf of a private family trust via an expressions of interest campaign which attracted over 120 buyer enquiries and 11 submitted offers.
Rafferty said this is the first time the property had been offered to the market in nearly 30 years, with a long-term investor fending off competition from developers.
The Commercial 1-zoned 1,174sqm site has a building area of 1,118sqm, and 58-metre frontage to Westbury St.
“Tight mandatory building heights along Carlisle St limited developers’ opportunity for a high density development considering its corner location,” Goss said.
Australian Property Journal
