A double storey building in the heart of Hawthorn’s Glenferrie Road retail strip sold for $3.91 million at auction last week.
The investment, on a 243 square metre block, hadn’t been offered for public sale since 1967.
Marketing agency Gorman Kelly said the sale 703 Glenferrie Road reflects a yield of 3.7 per cent.
It also values every square metre of land at $16,090.
The agency advertised that the investment is “a rare trophy”.
“Throughout the campaign we engaged with over 130 groups, resulting in multiple bidders on auction day,” Andrew Prowse said.
Bakery Laurent rents the ground floor of the 200 square metre building, which also includes two car parks off a rear laneway, and an outdoor terrace.
A first floor office is vacant.
Mr Prowse marketing 703 Glenferrie Road with colleague Jonathon McCormack.