The Collingwood home of hospitality identity Shane Delia’s Biggie Smalls eatery has sold for $3.58 million, setting a new record for a single-fronted retail building in the suburb.
Chris Kombi and Terence Yeh of Fitzroys negotiated the sale of 86 Smith Street at a remarkable land rate of $19,456 per sqm and a sharp 3.51% yield.
The fully refurbished, three-level building of 267 sqm is leased to Biggie Smalls on the ground and basement levels on a 7x7x7-year deal, while the first floor office is also subject to a secure tenancy of 6x7x7 years.
Kombi said the property sold to an interstate Chinese investor after attracting interest from local and offshore buyers.
“The renewal of the inner north has seen a boom in trendy medium and high-density residential developments and warehouse-to-office conversion projects along and around Smith Street, attracting more students and younger professionals and enhancing the precinct’s reputation as one of Melbourne’s leading eclectic retail, food and beverage, and nightlife offerings,” he said.
“Collingwood’s industrial roots have provided Smith Street with unique long-term growth prospects, offering a substantial residential and office development pipeline whilst retaining much of its heritage and character, and supporting the exclusive mix of retail and hospitality operators.”
Yeh said the recent acquisition of a 1,000sqm-plus site by Tribe Hotels Group for a flagship offering just metres away from Smith Street demonstrated that the area’s reputation had grown beyond a thriving inner-city cultural hotspot among locals, to a "must-visit location" for interstate and international tourists wanting to experience Melbourne.
Colliers International has put to market an outstanding opportunity to acquire, one or two character properties in the thriving Bakery Hill precinct of Ballarat.
With the flexibility of Mixed-Use Zoning, these properties could be used as retail shops, medical suites, offices or convered to residential (STCA), according to Colliers.
The marketing agents describe 95 Mair Street as an immaculately presented property, currently operating as a café, which presents a myriad of opportunities for the budding owner occupiers or astute investor.
"Internally the property is currently fitted out for use as a café with generous seating areas in the front of house area and an extensive kitchen fit-out which is available by negotiation. Externally the property has a complimentary garden/alfresco area with feature fireplace. To the rear of the allotment is customer parking or potential future development STCA,'' Colliers added.
The classic heritage cottage at 97 Mair Street comprises of 259 square metres of Mixed Use zoned land with a frontage of 10 metres to Mair Street.
"Improvements to the property include the weatherboard construction building with polished concrete floors comprising of 95 square metres,'' Colliers said.
Expressions of Interest close Friday, 27th April 2018 at 4pm.