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Italian Gothic gets buyers going

The Property Addict / Distinct Dwellings

Australia

Feb 07 2017

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Simon Johanson, The Sydney Morning Herald

MARKET WRAP

SALES

Italian Gothic gets buyers going. A heritage-listed building at 403-405 Mt Alexander Road constructed in the 1880s for the English Scottish and Australian Chartered Bank sold for $1.8 million, a building rate of $6315.79 per sq m, CVA's Anthony Carbone said. Meanwhile, in Pascoe Vale South a double-storey building at 339 Bell Street on the corner of Melville Road has sold for $1,430,000. Mr Carbone and Bradley Ellul sold the office to an owner occupier at a building rate of $4333.33 per sq m.

South Yarra

Investors were focused on a shop at 29 Toorak Road which sold for $400,000 over the reserve. The two-level building went for $2.56 million under the hammer on a tight 3.43 per cent yield. It sold with a new 5x5-year lease to long-standing tenant Eyes Optometrists, Chris Kombi and Geoff Emmett of Fitzroys said. Meanwhile, an offshore investor acquired a shop at 98 Glenferrie Road in Malvern  for $2.6 million leased to the Renown Fruit Emporium.  Mr Kombi, Michael Ryan and James Gregson sold the property.

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

SOURCE: The Sydney Morning Herald

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