Anne Kantor AO, daughter of late publishing identity Sir Keith Murdoch and Dame Elisabeth, his wife, has sold another spectacularly located Melbourne retail strip shop investment.
The double fronted double storey building, 735-737 Burke Road, Camberwell, traded for $12.06 million following an expressions of interest campaign which closed on Thursday.
The Kantor family paid $2.02 million in 1997.
On a 490 square metre site at the prominent south west corner of Commerce Lane (one of the thoroughfares connecting Burke Road to shopping centre The Well) – the Camberwell property offers 844 sqm of lettable area.
Fully leased to Commonwealth Bank of Australia which pays annual net rent of $425,000, the sale price reflects a 3.5 per cent yield.
The occupier signed a seven year lease agreement prior to 735-737 Burke Road being listed. With (renewal) options, it could stay until about 2037.
The property is within the precinct classified by government planners as Camberwell Junction Activity Centre (it is five property holdings away from that busy intersection, at the southern end of the strip).
Neighbouring retailers include Country Road, Mecca, Minimax, Sheridan and Witchery.
Camberwell is a blue-ribbon suburb nine kilometres east of Melbourne’s CBD.
Second Melbourne bank sale for Kantor family
Last September, Ms Kantor sold a retail asset leased to National Australia Bank in Brighton – an exclusive bayside suburb 11 kilometres south of the city.
That $6.105 million deal for 35 Church Street also reflected a 3.5 per cent yield.
Coincidentally, this property neighbours a Country Road, Mecca and Witchery, too.
But it is on a much smaller site (288 sqm).
Ms Kantor paid $1.08 million for the Brighton investment in 1996.
Murdoch family making property news
Ms Kantor’s brother, Rupert Murdoch, continued to work in publishing, diversifying from print into digital spheres.
The businessman controls more than 61 per cent of REA Group which owns the dominant Australian property search portals realestate.com.au and realcommercial.com.au.
In 2018, the North Adelaide home at 17 Tynte Street said to have once been Mr Murdoch’s family residence, was offered for sale.
Last December Lachlan Murdoch – one of Rupert’s sons – spent a reported US$150 million for 1930s Beverley Hills mansion Chartwell, with 18 bedrooms on four hectares.
Lachlan paid the French government $23 million in 2009 for the historic Le Manoir holding in Sydney’s Bellevue Hill, now his Australian family home.
Ten months ago, Janet Calvert-Jones – another daughter of Sir Keith and Dame Elisabeth – obtained a permit to replace the airspace of the historic German Club in the Melbourne CBD, with a 23-level office.
Between 1984 and 1995 this property, 7-13 Alfred Place, near the corner of Collins Street, was occupied by revered late chef Mietta O’Donnell and traded as Mietta’s.