A pharmacist, also a backer of the Chemist Warehouse business, has snapped up a double fronted retail investment in the heart of Fitzroy’s Brunswick Street.
Leased to Mexican restaurant Si Senorita, part of the Witches in Britches family, #310-312, with 300 square metres, traded for $2.58 million reflecting a 4.99 per cent net yield.
The tenant recently signed up for five years with two five year options; for the initial term, rent rises are fixed at four per cent per annum.
Longer term, the 166 sqm Commercial 1 zoned holding has development upside.
Gross Waddell ICR’s Raff De Luise and Julian Materia were the agents.
“The property is…in an active retail strip surrounded by national brands, well known retailers, cafes, bars and restaurants make it an excellent investment opportunity,” Mr De Luise said (story continues below).
Their deal comes nearly three years since a consortium of Chemist Warehouse owners outlaid c$12m for Kindness House on 1045 sqm at 276-294 Brunswick St, to retain as an investment.
The same consortium, or Chemist Warehouse senior executives independently, have also been buying High St style assets in popular Melbourne’s retail strips, amongst them, Kingsway, Glen Waverley, High Street, Kew and Bridge Road, Richmond.
One also recently purchased a prominent building in New South Wales’ Grafton.
Some of these properties, it is believed, are for the business to occupy longer term.
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