Bank Place Strata Floor Sells

An owner occupier has paid $1.925 million for a ground floor office suite, with three street frontages, in one of the CBD's most popular dining precincts. The sale price reflects a market yield of 3.53 per cent.

The new owner plans to convert the existing 447 square metre office, on the ground level of the Bank House building at 11 – 19 Bank Place, into a new restaurant. The site also has street frontage to Mitre Lane and Stallbridge Lane.

Popular restaurants in the vicinity include Syracuse, Treviso and Vue De Monde

CB Richard Ellis senior manager of retail investment properties, Mark Wizel, who sold the property with GCK Real Estate, said the recent interest rate rise has not dented private investor demand for retail property.

"Investors at this level are pricing one or two interest rate rises into the term of their investment," said Mr Wizel. “We are seeing relatively the same demand for retail assets at this price.”

The next test for the CBD retail market will come next month, when a syndicate including architect Nonda Katsalidis offloads a portfolio of nine properties on the ground floor of the Hero apartment complex. The properties, on the corner of Russell and Little Collins Streets, are expected to reap around $20 million.

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