Nicole Chow sells two more North Melbourne strata investments
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.
Savills agents Jesse Radisich, Clinton Baxter, Yvonne Zhou and Tim Carr said bidding came from local, interstate and offshore investors.
“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.
