CBD Europcar outlet trades

Mario Salvo sold 89-91 Franklin Street in 2011.

A strata retail investment forming the ground and basement level of the Franklin Lofts apartment building has sold for a speculated $8.7 million.

The deal for 89-91 Franklin Street, at the top of town, reflects a c5.5 per cent net passing yield.

The 1495 square metre space is rented to Europcar, a company once owned by Mario Salvo, who developed the residential tower (known as 87 Franklin St) about 15 years ago.

Thirty three car parks take up the bulk (1294 sqm) of the tenancy.

With options, the rental business can stay until 2036.

Colliers’ Oliver Hay, Anthony Kirwan, George Davies and Leon Ma said they brokered four CBD strata asset deals last week – all up for $14.635m (story continues below).

“As we enter the final month of 2021, it is pleasing to see owner-occupiers and investors actively competing for CBD strata opportunities,” Mr Kirwan said.

“Recent sales in quick succession demonstrate the strength and appetite from buyers for prime commercial investments in Melbourne’s CBD,” he added.

The Europcar-backed property carried an $8.25m guide.

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Marc Pallisco

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