This article is from the Australian Property Journal archive
A RETAIL investment in Melbourne's inner suburb of Prahran has sold privately for $850,000.
Colliers International investment services executive Ted Dwyer and his colleague Andrew Ryan negotiated the sale of 268 High St to a local investor, on behalf of the vendor Evolve Development.
The sale price represents rate of $6,538 per sqm.
“This result demonstrates the high demand we are seeing for affordable commercial investments located in evolving retail precincts,” Dwyer said.
“In this case, this property benefited from its close proximity to Chapel St. The restaurant sits below 68 one-and-two-bedroom apartments (plus penthouses) which offer elegant, chic and comfortable living.” he added.
The property has a net lettable area of 130 sqm and is currently leased to Zimari Restaurant returning $70,720 net p.a. until July 2016. The lease includes three further options of five years and 4% annual increases.
Property Review
