A boutique shop and dwelling in Melbourne’s thriving inner-northern suburb of Thornbury has sold under the hammer at a sharp 3% yield and a price tag of $1.385 million.
The property is on a 207sqm site and comprises a 175sqm building with a shopfront leased to Arestia Designs Hair Studio and a separately-leased two-storey, two-bedroom apartment.
Fitzroys agents Terence Yeh, Ervin Niyaz and Chris Kombi marketed the property, which attracted more than 100 enquiries and sold for well above the vendor’s reserve after lively competition between six bidders.
Yeh said the campaign enquiry was made up from a good mix of investors and owner occupiers, and further highlighted the buyer demand for property within Melbourne’s inner northern suburbs.
“The ongoing gentrification of this northern suburbs corridor has brought multiple medium and high-density developments, creating excellent rental growth potential for the property as the immediate residential catchment grows and brings heightened demand for retail services,” he said.
“These developments have also further accentuated the extended trading cycles of these centres and added to their vibrancy.”
Sydney-based private investors have traded a 3.8-hectare industrial site at 149 Orchard Road in Chester Hill in Sydney's west for $21 million on a net yield of 6.66 per cent.
There are 15,577 square metres of buildings on the site leased to film and plastics manufacturer Integrated Packaging at a net annual rent income of $1.4 million.
Ray White's Brad Lord and Stephen Moses brokered the off-market deal.
Architecture and construction firm S&K Group is on the move across Malvern, signing a five-year deal for a first-level office space on evergreen Glenferrie Road.
S&K Group will pay $53,000 per annum net plus GST for the light-filled 160sqm space at the prominent two-level building at 195 Glenferrie Road, on the corner of Union Street.
It has five ground floor retail, including Cannings Butchers, the first floor office space, as well as secure on-site parking.
Fitzroys Sales & Leasing Executive Stephen Land negotiated the deal on behalf of a private owner.
Land said the property generated strong enquiry given the scarcity of this type of office in the area, its character attributes, offering ample natural light and flexible fit-out.
“The property space attracted interest from a variety of different businesses, from gym and fitness operators, real estate services, fashion, marketing and digital agencies, and building and construction firms,” he said.
“Generally this was made up of local tenants currently situated on Glenferrie Road or within the immediate vicinity, looking to relocate whether they be downsizing, growing, or wanting a premises with great natural light and character/scope.”
Mr Land said the result reflected the strength of busy Glenferrie Road’s retail and lifestyle offering for its local residential and worker population, with a healthy mix of local and national tenants.