This article is from the Australian Property Journal archive
A TWO level brick building in South Melbourne has sold for $1.65 million at auction – above its reserve price of $1.20 million.
Selling agents Lemon Baxter’s Nick Bade and Luke Conquest said the 209 Cecil street auction attracted various parties.
“This substantial property provides an excellent opportunity for investors and owner occupiers to secure a flexible building within a short walk of South Melbourne retail precinct” they said.
The property comprises 302 sqm of space with three car spaces and is currently leased to Drew Robinson Accountant for $70,400 per annum. The purchase price represents a yield of 4.26%.
The property has a land area of 245 sqm and is zoned Business 1 with Heritage Overlay.
Australian Property Journal
