Caydon sells ‘essential service’ bottle shop at new Moonee Ponds apartment tower

Caydon also recently sold the eight level Sebel Moonee Ponds at 41 Homer Street, for $40m.

Caydon has sold a small, strata titled retail investment at the ground floor of an apartment tower recently completed on part of the ex-Moonee Ponds Market site.

Shop two of 40 Hall Street is trading to a Darwin-based investor for $1.025m following a private sale campaign.

Five formal offers were received, CBRE marketing agents Nic Hage, Rorey James and Jing-Jun Heng, said.

The 145 sqm space is rented for five years to Bottlemart – a business marketed in this campaign as an essential service.

Based on the annual income ($52,571, ex GST), the shop is trading on a 5.13 per cent gross yield (story continues below).

The occupier pays annual rent of just over $50,000 for the 140 sqm space at 40 Hall Street.

Caydon paid $42m in 2015 for the 1.34 hectare site making way for its mixed-use but predominantly residential redevelopment, Mason Square – of which 40 Hall St forms a part.

The land is behind the Puckle Street retail strip and beside and opposite Mirvac’s Moonee Ponds Central.

Last December, Caydon banked $40m selling another part of Mason Square: a 97-suite hotel, Sebel Moonee Ponds at 41 Homer St, which was listed in 2018 and completed in mid-2019.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco