Investor swoops on Seddon’s “best retail asset”
A particularly securely leased strip retail investment in Melbourne’s inner-west has sold for $6.25 million.
The deal for the Happy Apple, covering 1003 square metres, or about traditional four shopfronts, in Victoria Street, Seddon, reflects a six per cent passing yield.
It also prices the building area at $6313 per sqm.
The property was offered with lease – initially for 10 years but with options until 2048.
Gross Waddell ICR’s Raff De Luise agent described the property as Seddon’s best retail asset.
“The result reflects the continued strength of demand for well-located, mixed-use properties in tightly held inner-city locations,” he said.
Seddon is seven kilometres from town.
The buyer is a local investor.
Vendor, the Bongionvanni family, which operates hospitality businesses including Moonee Ponds’ Penny Lane, will tip proceeds into another venture – an alcohol distillery in North Melbourne.
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