Historic Niagara House trades for $10m
The historic Niagara House in Little Bourke Street, part of the Hardware Lane hospitality precinct, sold just after auction Thursday.
Six bidders drove the result to $9.95 million – a 3.9 per cent yield.
The buyer is a local investor and owner of a neighbouring building.
The property was also publicly available in 1993, when it sold for $1.99m to the Food Industry Superannuation Trust, nowadays part of Australian Super.
Low yield
Also facing Warburton Alley and Niagara Lane, Niagara House at 370 Little Bourke Street has 87 metres street frontage.
The site spreads 329 sqm, zoned Capital City 1.
The lettable area is 1350 sqm, leased to five tenants including a Pilates studio.
The retail tenancy is over two floors.
Each level is strata titled.
Interstate and offshore in investors also looked in, according to Fitzroys marketing agents, Lewis Waddell, Mark Talbot and Ben Liu.
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