Ground floor Southbank strata fetches $5.2m
A sprawling ground floor commercial space, part of Evolve Developments’ Botanic project in Southbank, has sold.
The 517 square metre space, 27 Coventry Street, with 10 car parks on-title, curried favour with a New South Wales investor, for $5.15 million.
Occupied by Brisbane based armaments and munitions supplier NIOA, owned by the Nioa family, the result reflects a 6.53 per cent yield.
With a $1.5m fit-out undertaken by Schiavello and end of trip facilities, the lease expires in October, 2030.
The rental agreement also includes a five year option.
The site is opposite the southern edge of the Victoria Barracks Melbourne site which the Department of Defence has recently earmarked for sale.
This pocket of Southbank is less than two kilometres south of the CBD (continues below).
Repurpose upside
NIOA pays all statutory outgoings including land tax for 27 Coventry St.
Cushman & Wakefield’s Jack Cooper and Valerie Tang were the agents.
The zoning allows the property to longer-term be used for retail, medical, education and hospitality use.
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