Chapel Street’s Conways Buildings sells for $12.8m

Chapel Street’s historic Conways Buildings sold for $12.8 million at auction on Thursday.

On 1000 square metres, the Prahran investment is configured with four ground floor retail shops and ten upper level commercial studios.

All up there is 2372 sqm of area.

Fully let, the property could return annual rent of $775,000, meaning the asset sold on a six per cent market yield.

Gross Waddell directors Michael Gross and Jonathon McCormack and Teska Carson director Michael Ludski marketed the 1914 art deco arcade at 245 – 253 Chapel St (story continues below).

There is scope for the new owner to sell down the retail component as strata titled investments, and develop either apartments, or offices, within the current building and into what is airspace above the third (top) level.

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Marc Pallisco

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

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