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Hot property in Melbourne’s Chinatown listed for sale

Property Markets / Transactions

Australia / Melbourne

Nov 05 2018

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A four level freehold building in Melbourne’s Chinatown precinct - one of the city’s most highly pedestrianised areas has been listed for sale for the first time in more than five decades. 

Located at 219 Russell Street, the 430sqm mixed use building offers dual access points via Waratah Place, allowing for a variety of future configurations uses, including multi-level hospitality, retail, residential, student accommodation or rooftop garden/dining activation. 

The ground floor space is currently leased to Nu5 Hair Studio, generating an annual net income of $147,000. The upper floors are being offered with vacant possession. 

CBRE’s Josh Rutman, who is steering the sale campaign with colleague Max Ruttner and Oliver Hay and Daniel Wolman of Colliers International, said the property represented an attractive investment opportunity. 

“219 Russell Street benefits from a high exposure location in one of Melbourne’s most popular and highly pedestrianised precincts – and represents only the fourth freehold building to come up for sale within the past decade in this pocket of Chinatown,” Mr Rutman said. 

“Centrally situated in the city’s retail core, this property is ideally positioned to capitalise on the 24-hour Chinatown retail trade, with the precinct attracting more than three million locals, interstate and international visitors per year.” 

The campaign follows recent sales in the surrounding precinct completed by CBRE, including 349 Elizabeth Street for $6.81 million in July and 220 Bourke Street for $15.205 million in May. 

The property will be offered for sale via a public on-site auction campaign on November 22 at 12.00pm. 

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