Designer picks up Melbourne bank turned showroom
Richard Munao, director of boutique furniture and light designer, Cult, has snapped up a prime Melbourne city fringe investment.
The Sydney based executive is paying $6.5 million for the ex-Commonwealth Bank of Australia branch at 209-211 Smith Street, on the north west corner of Condell, Fitzroy.
With 923 square metres, the two level property has been leased since 2017 to another furniture designer and retailer, Tait, which pays annual net effective rent of c$292,000.
A market review is due 2027 (the rate of c$316 per sqm, per annum, is considered below market).
There are no renewal options beyond 2032, giving the site significant development upside.
On 820 sqm zoned Commercial 1, it could accommodate six levels, according to Stonebridge selling agents Nic Hage, Ian Lam and Rorey James.
CBA quit in 2016 – a year after the asset last traded, for $7.1m
In Melbourne, Cult is based at Abbotsford.
Its national headquarters is in Sydney’s Chippendale.
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