This article is from the Australian Property Journal archive
THE retail component of the central tower in Northbank Place at 557 Flinders St in the Melbourne CBD has been offered for sale by agents Fitzroys and is expected to fetch around $1.1 million to $1.2 million.
The two-storey property on the corner of Norval Place is on the ground level of the central tower in Northbank Place. Neighbouring tenants include Nando’s, 7-Eleven and Michel’s Patisserie.
The property is offered with 5 year leases to Bite Pty Ltd, operating as national retailer Pizza Capers, and Commonwealth Bank who have an ATM on the ground floor corner of the property. Total rental income is currently $75,200 per annum plus outgoings and GST. The Pizza Capers lease is for five years commencing May 2011, with two further terms of five years each. Current rental is at $57,200 per annum plus GST.
The Commonwealth Bank tenancy is for five years beginning March 2011, with two further terms of five years each, and is currently returning $18,000 per annum plus GST. Both leases have a fixed annual 4% increase in place.
Selling agent Chris Kombi said the property offered investors a rare opportunity to acquire a prominent yet high yielding CBD retail property with two income streams, located in a rapidly developing section of Flinders Street.
The property will be sold by public auction on Thursday, June 9th at 1pm on site.
Australian Property Journal
