Melbourne CBD shops sell for $6.47 million

The MY80 building is at the north-east corner of A’Beckett Street.

Two retail investments on the ground floor of the two-year old MY80 apartment tower in the Melbourne CBD have sold for $6.47 million.

The fully leased assets (pictured top, left and bottom) traded to one buyer.

Based on the combined annual net rental return of $293,722, the deal is being sealed on a 4.5 per cent passing yield.

The combined retail floor area of the two properties known as lots 1 and 2, 410 Elizabeth Street, is 255 square metres. On this basis, the purchase values the building area at $25,367 per sqm.

Both shops were offered with eight years left of a 10-year lease agreement struck in 2016 when Malaysian developer Mammoth Empire completed the high-rise apartment project. The tenants, are Nene Chicken and Torasen Ramen.

Beller Commercial’s Jeremy Gruzewski and Liam Rafferty marketed the shops within the complex at the north-east corner of A’Beckett Street.

The brokers closed an expressions of interest campaign for the assets on September 27 which, they said, yielded more than 80 enquiries.

A marketing shot of the shop known as lot 2, 410 Elizabeth Street, Melbourne.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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