This article is from the Australian Property Journal archive
A DOUBLE storey shop and dwelling freehold in South Melbourne has been snapped up by a local buyer.
The 302 Clarendon St & 17 Emerald Hill Place, South Melbourne was sold for an undisclosed price, on a passing yield of circa 3% based on the current income of $91,054 per annum.
Selling agents, Fitzroys’ James Lockwood, Adam Lester and Michael Donovan said the property attracted strong interests.
Lockwood said the property attracted more than 60 enquiries throughout the campaign from investors and owner occupiers, looking to capitalise on the outstanding city fringe retail precinct servicing the growing residential catchment throughout South Melbourne, Southbank, the CBD and Docklands.
He said the auction attracted a strong crowd, with a local private party purchasing the property.
“Leading developers have significantly increased the amount of high density residential developments in recent years, which has rapidly swelled the population throughout the area,” Lockwood said. “As a consequence of the growing population and the demographic trends, we have seen an uplift in the tenancy profile throughout the precinct.”
The 264sqm building has a ground floor shop occupied by manchester group Linen House on a 3+3-year deal, and a separate three-bedroom apartment with a large outdoor terrace offered with vacant possession.
It is set on a 163sqm property across two titles on the historic Emerald Hill Estate site, which retains many of the brick municipal buildings constructed in the 1880s.
According to the Victorian Heritage Register, “The commercial buildings in particular collectively represent an extraordinary example of an 1880s shopping precinct with a high degree of intactness unmatched in extent anywhere else in Victoria”.
The majority of the buildings on the site were acquired by the state government in the 1970s.
Australian Property Journal
