Chinatown shop fetches nearly $7 million
Another retail investment in Melbourne’s Chinatown has sold.
The three-level plus basement building at 22-26 Corrs Lane traded at auction on Thursday for $6.85 million.
The investment returns annual rent of about $225,700 from restaurants Fukuryu Ramen and Sichuan House. The G8 Karaoke Bar is also an occupier.
With 965 square metres of lettable area the building sits on a 296 sqm plot between Little Bourke and Lonsdale streets.
Interestingly, the asset is listed on the Heritage Council of Victoria database for its potential to contain historical archaeological remains associated with the growth of early Melbourne.
CBRE’s Julian White, Alex Brierley, Nathan Mufale and Chao Zhang marketed 22-26 Corrs Lane for an international investor.
The deal comes five weeks after CBRE sold a four-storey Chinatown building at 131-135 Little Bourke Street for $14.5 million. Leased to popular restaurant Shark Finn House, the sale, to a Malaysian investor, represented a big uplift for the vendor who paid $7.5 million for it in 2012.
The agents said Charter Hall’s Wesley Place office development, nearby, would increase foot traffic around 22-26 Corrs Lane. A car park in the street is also set to be activated as a hospitality venue, the brokers said.
