This article is from the Australian Property Journal archive
INVESTORS and owner occupiers have competed for a retail and office property in Richmond on the Melbourne city fringe, which sold for $1.885 million under the hammer.
Teska Carson’s George Takis, Fergus Evans and Michael Ludski sold 491 Church Street to a Melbourne-based investor at a land rate of $13,692 per sqm.
The property has a two-level 260 sqm building on a 135 sqm site with parking, and traded with a short-term lease to Pana Chocolate at $119,500 per annum net.
Evans said feedback received suggested that investors were feeling a little more confident with the election behind them and RBA advice that interest rates looked likely to fall, while APRA’s suggested easing of loan restrictions was seen as a positive.
Takis said the property offered investors and owner-occupiers an opportunity to gain entry into a sought after and tightly held location.
“The property offered a number of investment attributes including the very highly regarded location, strong growth potential, excellent public transport, recreational facilities and close proximity to major arterial routes.
“The property also offered a very usable site which benefits from rear laneway access via Albert Street as well as its Church Street frontage.”
Australian Property Journal
