South Melbourne’s Emerald Hill Terraces sold down

Emerald Hill Terraces (shaded) has sold as 14 subdivided lots.

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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of