United Asia Group’s Nicole Chow has sold two strata retail assets within an apartment complex recently constructed at 33 Flemington Road, North Melbourne.
In the biggest deal, shop 5 traded for $1.66 million, reflecting a 4.38 per cent. The 120 square metre space is occupied by Domino’s on an eight year lease with renewal options.
Another retail investment, shop 3, sold for $1.61 million, reflecting a 4.82 per cent yield. This 126 sqm asset is leased to The Rice Cooker until 2021.
“The exceptional results achieved is a clear demonstration of confidence returning to the investment market and buyers’ desire for well-located city-fringe properties with strong rental upside,” Mr Radisich said.
In May, we reported that Ms Chow sold a 590 sqm strata commercial space at 33 Flemington Road – and leased as the Leukaemia Foundation’s headquarters – for about $5.5 million.
The complex replaced a former car showroom at 19-35 Flemington Road, which UAG acquired for $22 million in 2012.
This pocket, around the Haymarket roundabout, has since cemented its position as Melbourne’s biomedicine epicentre: last week we reported that CSL will relocate its headquarters to 645 Elizabeth Street – part of the Elizabeth North development (artist’s impression, right).
The Victorian Comprehensive Cancer Centre is one of the precinct’s biggest new hospitals.
Last September, we reported that a 11-storey hotel was mooted to replace a low-rise former warehouse at 61-63 Flemington Road.
A year ago, we reported that UAG paid Vision Australia about $30 million for an 8803 sqm site at the north-west corner of Macaulay Road and Stubbs Street, Kensington, which is earmarked for a prestige apartment project.