This article is from the Australian Property Journal archive
TERRAPLEX has sold off a further pair of Emerald Hill Estate assets in South Melbourne, extending a flurry of investment activity that has seen four terraces in the precinct sell in quick succession.
The retail and residential properties have netted more than $8.65 million combined.
They are part of 15 Victorian era shops that date back to the 1880s. Podco and Terraplex bought the block in 2015 and progressively subdivided the terraces for individual sale.
The most recent Terraplex sales included 344 Clarendon St and 57 Emerald Pl, a building of 158 sqm on a lot of 146 sqm, which traded for $1.7 million on a yield of 4.32%. South Melbourne Optical leases the retail component.
Next door, 346 Clarendon St & 59 Emerald Pl sold for $2.535 million, at 4.64%. Lana Berg leases the ground floor of the 225 sqm building.
Dixon Kestles handled the sales, as well as that of 317 Clarendon St and 1 Wynyard St for the estate of a long term client. The $1.787 million sale price represented a net yield of 3.22%. Cloud Wine occupies the 122 sqm building.
The deals follow 336 Clarendon St selling to a retired real estate agent for $2.94 million, on a yield of 3.78%, 18 months after last selling for $2.63 million. The property is leased to the Red Cross and has a first-floor apartment.
