South Melbourne’s Emerald Hill Terraces sold down
South Melbourne’s c1887 Emerald Hill Terraces has sold down, returning the owners, Podco and Terraplex, both company’s owned by Anthony Wilson, $33.9 million on a $27.5m outlay.
The final double storey property, with 744 square metres on 623 sqm at 328 Clarendon Street, on the south east corner of Bank, traded last month for $7.33m – a 3.09 per cent passing yield (though a part of the building is vacant, and set to be utilised by the occupier for a hospitality venue).
Struck against a $6m-plus guide, the deal comes after two more investments in the complex traded in March, one at a 2.81pc return.
Sold down
Mr Wilson purchased Emerald Hill Terraces – which also contains upstairs apartments and offices – from Australia’s honorary consul to Monaco, Andrew Cannon, in 2015; the price reflected a 4.2pc yield (story continues below).
Fourteen subdivided portions were offered from 2018 – returns at the time circled 3.8-4pc.
Mr Cannon bought the property, covering the east block of Clarendon St from Bank to Park, for $5.7m from the state government which held it for decades.
Stonebridge Nic Hage, Rorey James and Sarah Xi have been acting for Mr Wilson.
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