Neighbouring city shops fetch $9.1m
Neighbouring shops at the top of town sold this month for a combined $9.1 million.
The deal for 423-425 Elizabeth Street comes after another struck in mid-2021 with a different agency fell through.
The vendors – two local families – paid $60,000 in 1981.
The incoming owner is a China-based investor.
Tight yield
With 283 square metres in two double storey terraces, 423-425 Elizabeth St spreads 184 sqm, zoned Capital City 1, with rear laneway access.
The world’s largest food and beverage chain, Mixue Group, is on a five year lease with a five yar option; the property trades as Wonton Lab.
It presently pays annual net rent of $428,490 ex-GST.
The lease agreement includes fixed 3.5 per cent rent rises.
The properties are exposed to a 24/7 activated precinct of Elizabeth St for over eight metres, Cushman & Wakefield marketing agents Leon Ma, Anthony Kirwan and Daniel Wolman, said.
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