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City-fringe offices fetch big prices

Finance Markets / Latest Activity

Australia

Nov 14 2017

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Simon Johanson, The Sydney Morning Herald

MARKET WRAP

SALES

South Melbourne

Investors and owner-occupiers are willing to pay strong prices for city-fringe offices. A vacant two-level office building at 320 Kings Way sold under the hammer for $1.22 million, at a building rate of $5550 per sq m. Fitzroys' Jordan Ceppi and David Bourke said the new owner will re-lease the property, looking to take advantage of strong demand and rising rents in the city fringe market.

Moonee Ponds

A family that passed down a shop at  28 Puckle Street through generations has sold it for $1.7 million, on a tight yield of 3.5 per cent. Fitzroys' Chris Kombi, Terence Yeh and Ervin Niyaz said it was the first time in 105 years it had been offered for sale with multiple bidders pushing the price of the two-level building, leased to Designer Mens Clothing, $200,000 beyond the reserve.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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