Historic Peter Jackson store sells again
A historic four level Bourke Street building, the ground floor for decades occupied by Peter Jackson, has sold for the second time in six years.
The $5 million result for the 418-420 Bourke Street reflects a 2.7 per cent net passing yield and prices the land at $29,762 per square metre.
It also demonstrates a loss for the seller which outlaid $5.6m in late 2019, settling March 16, 2020 – four days before the national lockdown.
The property was offered with neighbouring 422-424 Bourke St, on 178 sqm, with plans to merge and refit the upper storeys as offices and activated the rooftops.
The ground levels would have remained retail.
That building, with 238 sqm over two floors, sold for $5.6m.
418-420 Bourke Street
On 168 sqm also facing Kirks Lane, 418-420 Bourke St contains 417 sqm.
The upper three levels – which are not fit out – are permit ready for a subdivision as whole floor apartments.
Each dwelling would contain two bedrooms.
The property is opposite the soon to be completed 435 Bourke St office, at the corner of Queen.
It is also less than a block from Bourke Street Mall, close to the Hardware Lane restaurant strip.
Teska Carson’s Matt Feld and Stephen Speck were the agents.
Earlier this week we reported the nearby Niagara House, with 1350 sqm, sold at auction contested by six suitors.
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