Elizabeth Street shops, apartments sold

The rear of the building facing Someset Place can be activated with retail.

A mixed-use building spectacularly located on Elizabeth Street, opposite the GPO, occupied by H&M, diagonally adjacent to Bourke Street Mall, has sold for $11.88 million.

The bluestone building contains six apartments over the top two floors.

The result for #203-207, with three ground floor shops below six apartments over two levels, reflects a 3.5 per cent net passing yield.

It is also much higher than the c$10m expectation when it hit the market earlier this year.

Cushman & Wakefield’s Anthony Kirwan, Oliver Hay, Daniel Wolman and Leon Ma represented the vendors, which paid $2.15m in 1993.

Development upside

The Elizabeth St properties contain 698 square metres with the apartments configured with one and two bedrooms.

The shops and apartments occupy a 281 square metre block.

The 281 sqm Capital City 1 zoned site’s west boundary faces Somerset Place.

Mr Kirwan said there is the potential to create retail tenancies facing that street.

The building could also be extended.

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Marc Pallisco

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