Anne Kantor sells Brighton bank
Anne Kantor has sold a retail investment in Melbourne’s bayside Brighton.
The 35 Church Street asset traded for $6.105 million.
In the heart of a popular shopping strip, it is tenanted to National Australia Bank, which pays $214,470 annual rent ex-outgoings (including land tax).
On that basis, the passing yield of 3.5 per cent.
Fitzroys’ Chris James and Mark Talbot said the property is located “in the absolute prime section of the strip” – between Carpenter and St Andrews streets.
It sold to another local buyer.
“Astute investors are recognising that with recent cuts to the official interest rate, it is an ideal time to secure strong income-producing assets,” Mr James said.
“Brighton consistently presents the strongest fundamentals for retail property investments, retaining its reputation as Melbourne’s best performing suburban retail strip,” he added.
There are no vacancies in this section of Church Street, according to agency, which carries out regular research on Melbourne’s major strips (story continues below).
“Opportunities for investors to acquire a Church Street, Brighton, asset are rare, let alone a double fronted freehold of this nature,” according to Mr Talbot.
“The immediate catchment has been bolstered with the introduction of medium-density residential developments in what is broadly a low-rise suburb,” he added.
Nearby occupiers include Bed Bath n’ Table, Country Road, Husk, Mecca, Saba, Scanlan Theodore, Seed Heritage, Smiggle and Sportscraft.
The Dendy Theatre is across the road.
Ms Kantor paid $1.08m for 35 Church St in 1996.
In June, we reported the vendor’s sister, Jane Calvert-Jones, was permitted to build a 23-level office at 7-13 Aldred Place, the former German Club (later, Mietta’s restaurant).
The siblings are children of the late media identity Sir Keith Murdoch and Dame Elisabeth.
