This article is from the Australian Property Journal archive
REAL estate agency Fitzroys has sold three properties, including a major retail freehold at 235-237 Elizabeth St in the Melbourne CBD to a mainland Chinese-based investor.
Fitzroys director Geoff Emmett said the sales campaign was far reaching and generated a great deal of interest from local and overseas investors.
“City retail freeholds of this nature are rarely offered for sale and are therefore very difficult to acquire from an investor point of view,” he said.
The two-level property is leased to Ted’s Camera Store, which has been trading from the 660 sqm premises for over 30 years. Total current rent is $429,500 per annum with the eventual sale price showing a yield of about 5%.
The ground and first floors each comprise approximately 330 sqm, with land frontage to Elizabeth St of about nine metres and a depth of around 36.7 metres to White Hart Lane.
At Albert Park, Fitzroys agents Chris Kombi and James Lockwood sold a classic Victorian Terrace office building located within the prestigious Albert Park Village at auction for $1.41 million.
It was the first time in 40 years the property had been offered on the market, the price reflected a yield of 4.2%.
Located at 49 Cardigan Place, the versatile two-storey premise is conveniently positioned amongst Albert Park Village’s mixture of commercial and retail uses.
Set on a site area of about 144 sqm, the property has a building area of around 180 sqm over two levels. Zoned Business 1, it was offered with a short term lease which is due to expire on 1st July 2012.
At 181 Balcombe Rd Beaumaris, Fitzroys agent Julian Heatherich sold a medical centre premises for $750,000.
The property covers a land area of about 520 sqm, with improvements including a single-storey brick building of four main rooms plus reception and waiting rooms. There are six on-site car parks.
Heatherich said the property was originally used as a house before being converted to medical premises, which it was used as until the end of March this year.
He added that the new owner would continue to use the property as a specialist medical centre.
Property Review
