Lucky family banks $12.8 million selling two Melbourne CBD investments

Opposite Melbourne Central, 349 Elizabeth Street sold for $6.81 million two weeks ago.

A lucky family has banked a total of $12.8 million from the sale of two Melbourne CBD assets this month.

In the latest deal, carried out yesterday, Aries House at 181-183 King Street (pictured, top) sold for $5.96 million.

The freestanding four-level, mixed-use building, with 608 square metres of lettable area and on a 221 sqm block, was marketed for its potential to be repositioned or redeveloped, possibly as a hotel.

Currently configured with a ground floor retail space, leased to Italian restaurant La Figo, and upper-level offices, Aries House returns annual rent of $147,095.

On that basis, it is trading on a low passing yield of 2.5 per cent.

Two weeks ago, the same vendors sold a retail asset at 349 Elizabeth Street (pictured top, left) for $6.81 million.

Marketed as “a true generational asset”, the 237 square metre building opposite Melbourne Central has the Isshin Rameen Bar on its ground floor.

CBRE’s Mark Wizel, Josh Rutman and Lewis Tong worked on both campaigns. Colleague Alex Brierley assisted them on Aries House. Another broker from the same agency, Max Ruttner co-marketed 349 Elizabeth Street, which was also sold via auction. Paul Tzamalis, of The Auction Company, conducted both sale events.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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