Two retail investments with development upside in Brunswick’s Sydney Road sold this week.
At #120-124, a double fronted shop neighbouring ISPT’s Barkly Square collected $5.6 million on Wednesday – the day before the state entered lockdown.
The single-storey property occupies a 749 sqm Commercial 1 zoned plot about 170 metres from Jewell station and twice this distance to the Carlton North/Parkville border.
Savills’ Jesse Radisich, Benson Zhou, Nick Peden and Mark Stafford were the agents.
The same brokers, with Bourne Agency, this week offloaded the street’s former Cornwells Hardware store to a developer for $2.65m.
That vacant property, on 531 sqm with the same zoning, came with a permit for a seven-storey residential building with ground level retail.
It neighbours a 757 sqm retail investment, at the south east corner of Victoria St, which traded for $5m last March.
Other side of the Yarra
Meanwhile, east of the CBD, at 634 Burke Rd, Camberwell, a double-storey property leased to Mecca Cosmetica and Spring Massage Therapy traded for $6m, reflecting a 3.85pc return (story continues below).
A onsite auction scheduled for Friday was instead held online.
The result was $1.4m over reserve, according to Fitzroys’ David Bourke.
South of the city, colleagues Mark Talbot and Tom Fisher a day earlier sold 13 Church St, Brighton, for $6.07m.
This property was auctioned in a COVID-safe manner the agents said.
Leased to Oroton Group, the price reflected a 2.5pc yield.
Also last week, at the north west corner of Chapel and Greville streets, Prahran, a double storey property on 495 sqm was offloaded for $5.2m following a campaign by Gross Waddell ICR’s Michael Gross and Andrew Waddell.
With ground level retail and first floor offices – a combined 632 sqm of lettable area – it traded for a 4.4pc net yield.
The same agency will auction a neighbouring double storey shop – 102 Greville St – on June 10.