Balaclava’s best-kept secret - a small block behind Carlisle Street home to a highly-rated café - has sold for $900,000 to an interstate investor.
Fitzroys’ Tom Fisher and Chris Kombi sold the strata-titled Rear 202 Carlisle Street on a very high building rate of $16,364 per sqm after generating more than 90 enquiries from local and interstate investors.
The 55sqm property was offered with a brand-new 7+7+7-year lease to long-established and popular cafe, micro coffee roastery and specialist coffee and tea house Monk Bodhi Dharma, returning $55,509 per annum plus outgoings and GST with 4% fixed annual increases.
“The brand-new, long-term lease to a well-established operator in a thriving inner-south east location was hard to ignore,” Fisher said. It is surrounded by a host of established national and local traders including full-line Coles and Woolworths supermarkets, Vintage Cellars, Chemist Warehouse, Priceline, Balaclava Hotel, Grill’d, Yochi and more.
Kombi said, “There’s still strong demand for well-leased strata investment property”.
“Many investors continue to turn to strata-titled commercial properties to shore up their income stream amid volatility in the stock market,” he said.
“Well-leased, well-located strata-titled assets tick all the boxes. Typically they offer an easier management proposition, as an owners corporation oversees maintenance, and low land tax liabilities don’t cut into the return.”
Fisher and Kombi acted on behalf of a local private investor.