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