Bill McNee to Sell CBD Shops
The shops, at the ground floor of a 154-unit apartment building at 58 – 64 Franklin Street in the CBD, are leased to supermarket chain Priceline and car hire group Metrocar. They are expected to sell for about $6 million, which would reflect a yield of about 8.5 per cent, based on current annual rent of $513,000.
Gross Waddell director Jonathan McCormack and Jones Lang LaSalle director Lachlan Thompson are marketing the assets.
Mr McNee breathed some life into Melbourne’s prestige residential market recently, paying close to $11 million for a 4,000 square metre block of land once owned by Toll Holdings executive Mark Rowsthorn.
The Toorak site has sat vacant for more than 25 years. Mr McNee had previously told The Age he plans to start building a family home on the site next year.
