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Chapel Street strata retail sells on 4.9% yield

Property Markets / Transactions

Australia

Feb 02 2018

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A Melbourne based investor has paid $2.1 million for a securely leased retail/residential investment on one of Melbourne’s prime retail strips at Windsor in Melbourne’s popular inner-eastern suburbs. 

According to marketing agents, Teska Carson’s George Takis and Michael Ludski the 124 Chapel Street (cnr Duke Street) property attracted strong enquiry with three bidders driving the auction to achieve $13,550 a square metre on a 4.9 per cent yield.

``This is an excellent result for a strata retail property but not all that surprising given the current popularity of strip retail within the investment community, and of course we are talking about a location within the heart of Windsor’s entertainment precinct.

 ``Very rarely do properties of this calibre become available in what is a very tightly held and very popular strip, indeed Chapel Street is arguably Melbourne’s premier retail strip,’’ Mr Takis said.

The property comprises a renovated two-level, building with a ground level retail shop and a substantial first floor, two bedroom, apartment with a separate entrance via Duke Street. The property has frontage of six metres to Chapel Street and 16 metres to Duke Street 

The property was sold subject to secure leases to two tenants, including a new five year lease to ground floor tenant, Windsor Bar & Bistro, for a total income of $106,284 per annum.

 

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