Prominent Albert Park Village freehold sells after 37 years
Melbourne lawyer and property investor Peter Mitrakas has sold a prominent Art Deco building in Albert Park Village, held 37 years.
One of four retail properties on the Dundas Place section of the precinct to hit the market in 20 years, the two-level investment has been leased to Woolworths Metro since late 2021.
For decades before 2019, it was a Commonwealth Bank.
An expressions-of-interest campaign closed at the end of last month yielded six offers.
A deal was sealed at a c4.25 per cent net passing yield.
“This result reflects the depth of investor demand for quality assets in sought-after locations with $30 million in unplaced capital remaining with active buyers,” the agents said, suggesting the sale price was over $6 million.
Expectation when it was listed was $7.4m-plus.
95-97 Dundas Place
Mr Mitrakas bought the 1930s Dundas Pl property from the Commonwealth Bank in 1990 for $985,000.
The 388.5 square metre site is zoned Commercial 1 allowing for numerous use outcomes.
The executive has also owned commercial property in Armadale including two buildings on High St.
Mr Mitrakas has also invested in architect-designed residential real estate, including in 2006 with two Robin Boyd-designed houses at Long Forest, about 50 kilometres north-west of Melbourne – the Boyd Baker House and Dower House – and a library designed by Sir Roy Grounds.
Those assets, on one site, were sold in 2024.
He also briefly owned a late 1960s-designed Robin Boyd-designed courtyard house in Frankston South, which he sold in 2009 (continues below).
MAKER Property’s Raphael Favas, George Davies and Anthony Kirwan with Lemon Baxter’s Peter Sprekos and Tom Burley marketed 95-97 Dundas Pl.
Another Dundas Place retail sale
The Albert Park asset, also exposed to Dundas Lane, failed to sell in 2019, soon after the CBA quit.
Woolworths Group is three years into a seven-year lease.
It can then exercise the first of four five-year options.
The deal comes six months since the property to the east – 93 Dundas Pl, on 235 sqm also zoned Commercial 1, sold to Aurora Developments and Investments for $4.05m.
Late last year meanwhile the property to the west, 99 Dundas Pl, occupied by Italian restaurant Ricardo’s, on 160m, traded for $3.875m.
Also for sale in the area is the Mushroom Records headquarters, at 9 Dundas Pl.
On 525 sqm zoned Neighbourhood Residential 1, that property carries c$6.5m-plus price expectations – a campaign targeting commercial occupiers and investors, and apartment developers.
In late 2024 meanwhile realestatesource.com.au reported Mecca upsized its tenancy in the prime retail strip.
That deal, which merged three tenancies, two which weren’t on the market, was struck by Emmetts Real Estate’s Charles Emmett.
More to come.
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