Inner-East Remains A Premier Destination
Assets across Kew have been picked up in quick succession, as Melbourne’s inner-east proves its widespread reputation as a blue-chip retail and commercial property location.
In the latest deal, a Vietnam-based investor purchased the shop and dwelling at 103 Cotham Road, within Cotham Village, for $1.225 million in a deal negotiated by Chris James and Jordan Ceppi of Fitzroys.
Zoned Commercial 1, the property is on a generous 260sqm site and has a prominent double-storey freehold of 200sqm, with a fully self-contained ground floor retail and a separately accessible three-bedroom residence, and two on-site parking spaces.
The property sold at a tight 4.3% yield, and has a new lease to Hair by Chesika on the ground for and a monthly lease over the residence.
James said investors continue to look for well-located, securely-leased Melbourne shopping strip properties, which present solid income-producing opportunities in a low interest rate environment.
Ceppi said the asset was offered with a new lease and is positioned within the popular Cotham Village which services the blue-ribbon suburb of Kew and the affluent wider catchments of Hawthorn and Balwyn in the inner-east.
“Kew is also a well-regarded commercial office location, helped by the increasing popularity of medium-density living throughout Boroondara. This will continue to enhance the local catchment of residents and workers, increasing pedestrian traffic and demand for retail shops, services, and food and beverage offerings.”
In other deals, the 400sqm shop home to Kew Friendly Supermarket at 81A Willsmere Road sold for $1.641 million. It is on a 440sqm double-fronted site and has a 5-year lease returning $42,841pa net.
At 1159 and 1161-1163 Burke Road, a private company bought the adjoining vacant 2-level retail and office buildings for $3.35 million. They sit on a combine land area of 723sqm that is zoned Commercial 1.
Not-For-Profit Takes Ground Floor of Historic CBD Building
The Buddhist Heruka Kadampa Meditation Centre has bought the vacant 373sqm ground floor of 79-81 Franklin Street for $4.09 million for its new city location.
The three-level Currie and Richards Building was constructed in 1875 as a workshop and warehouse for tinware manufacturer Alfred Shaw and Co.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2019 Fitzroys.