This article is from the Australian Property Journal archive
THREE adjoining shops at Williamstown in Melbourne’s inner west have sold for a total of $4.225 million on a yield of 3.4%.
The stores located at 5, 7 & 9 Ferguson St, Williamstown were offered in one line by agents Fitzroys.
Fitzroys agents James Gregson and Michael Ryan handled the campaign, which saw competitive bidding from five groups at auction push the price $300,000 above the reserve.
The sale price reflects a land rate of $11,266 per sqm and building rate of $10,059 per sqm. The Commercial 1-zoned property covers a land area of 375sqm and has a 21-metre frontage and ROW.
The properties were sold with three leases to established and iconic Williamstown tenants, returning a combined $147,645 per annum plus outgoings and GST.
Gregson said the property offered significant development and rental upside and received strong enquiry from a range of buyers throughout the campaign.
“Rarely does the opportunity arise to acquire such a versatile property holding in one of Melbourne’s premier retail strips,” he said. “Surrounded by the likes of Witchery, Trenery, Oxford and Hellenic Hotel, and with the flexibility that three individual shop provides to the astute buyer, this was a captivating offering that was reflected in the remarkable result at auction.”
Fitzroys will be offering the nearby combined site at 20-26 Ferguson St for sale by auction on Thursday, 6 October, comprising seven individual titles offered as a whole 738sqm corner site with three St frontages, including of 28 metres to Ferguson St.
Ryan said the offering comprises five shops and two dwellings with a building area of 761sqm, returning a combined annual of circa $290,000 per annum plus GST. The property is expected to realise in $6.5 million-plus.
Australian Property Journal
