This article is from the Australian Property Journal archive
A HOST of retailers have setup shop at Williamstown in Melbourne’s inner west.
Fitzroys has sold four prime Williamstown retail investments, part of a modern mixed-use complex at 4-18 Ferguson St. The complex comprises eight ground floor retails shops and two upper floors of services accommodation managed by Punt Hill Serviced Apartments.
Shops 1, 6, 7 and 8 of the complex were sold separately following successful auction campaigns handled by Fitzroys agents James Gregson, Adam Lester and David Bourke.
The 83 sqm Shop 1, leased to footwear retailer Urban Collective on 3+3-year term and returning $45,629 plus GST and outgoings sold for $750,000, at $9,036 per sqm on a 6% yield.
Shop 6, at 114 sqm and leased to fashion retailer Oxford on a three-year term, sold for $1.2 million at $10,000 per sqm and on a 5% return.
Shop 7, leased to boutique fashion retailer Amyst on a 2+1-year lease and returning $46,373 plus GST and outgoings, sold on a 6% return. The 66 sqm shop sold at $11,515 per sqm.
The vacant 285 sqm Shop 8 was sold for $305,000.
Gregson said Ferguson St had emerged as Williamstown’s premiere lifestyle strip, wellserviced by leading retailers Witchery, Trenery, Gazman, Bloom & Co, Dejcuba, Oxford and Brixton Pound in addition to superb culinary offerings such as the soon-to-be open Hellenic Republic, Mez Mez, Squires Loft, Pickle Barrell, Amarosa and Provisions.
“The has been considerable growth in Williamstown in recent times, with major demographic change supporting greater specialty in retailing and providing for rental growth,” he said.
Australian Property Journal
