A double-fronted art gallery in Melbourne’s popular Sydney Road lifestyle and hospitality precinct has sold under the hammer for $860,000.
The refurbished ground floor retail premises of 100 sqm at 1 Sparta Place, home of Beinart Gallery, is positioned opposite the landmark Mariana Hardwick building.
It attracted spirited competition between five bidders at the auction eventually selling on a tight 4.6% yield to a local investor.
Fitzroys agents Chris Kombi and Ervin Niyaz marketed the property on behalf of a private investor.
Zoned Commercial 1, it was offered with a new 3 x 3 year lease to the gallery, which has displayed internationally renowned and emerging local artists.
Current return is around $40,000 per annum plus outgoings and GST, with 4% fixed annual rental increases.
Kombi said the property is surrounded by renowned cafés, bars and specialty retailers in the booming Brunswick locale.
“Brunswick’s population has surged with strong year-on-year growth over the past five years. The area’s popularity with young families, students and professionals has seen demand significantly increase for high-density housing,” he said.
“The area has received a significant injection of investment from local Council and developers to keep up with demand from residents and businesses.”
A rare permit approved 5 level city fringe site that features 13 boutique apartments along with a 127 sqm (approx.) ground floor retail tenancy will go to public auction on Thursday, 19th April at 12pm.
Offered to the market by Beller Commercial, the property at 737-739 High Street, Armadale, is superbly located along the affluent High Street shopping strip, offering buyers "flexibility with the benefit of an underlying mixed use zoning", Beller Commercial explained.
“Suiting builders and developers, this mixed use site is ready to go in its existing form or has the ability to be matched to other forms of development including retail, medical and high-end office (STPA),” they added.
Fitzroys has a delivered a sale in the tightly-held retail and hospitality hotspot of Koornang Road in Carnegie, with an investor acquiring the two-storey retail building for $1.89 million.
Chris Kombi and Chris James of Fitzroys sold the 71 Koornang Road freehold, which was offered with vacant possession.
With an average of only one opportunity per year to purchase a retail property along Koornang Road, this rare offering attracted over 100 enquires from a variety of investors and owner occupiers.
Zoned Commercial 1, the property is on a 213 sqm site and has an impressive two-storey building of around 145 sqm, and is located only metres from the new Carnegie Railway Station, which is part of the State Government’s $6 billion level crossing removal initiative.
Kombi said the property’s future value is underpinned by a rapidly growing residential catchment with a major transformation underway within the Koornang Road Activity Centre, with a number of high-rise residential developments completed nearby and numerous others in various stages of planning and development.
James said the growing number of quality hospitality venues had established the precinct as a popular destination throughout the day and into the night for local residents, and a drawcard for residents of surrounding suburbs.