Offshore investor doubles down in East Melbourne
The Birches Serviced Apartments complex, diagonally adjacent to East Melbourne’s Powlett Reserve tennis courts, sold this week for $11.6 million – a 3.1 per cent yield.
The China based buyer of 160-174 Simpson Street, on the north east corner of Albert, is understood to own a similar sized investment also opposite the park.
The Birches result values each of the (24) studio apartments at $483,333.
Also with 18 car parks, the site spreads 1300 square metres, zoned General Residential.
Short settlement
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma represented the Simpson St vendors which held since 1958 (story continues below).
A lease to a tenant of over two decades expires in December, 2025.
As part of that rental agreement, the operator picks up GST and outgoings.
Seven other offers came in following an expressions of interest campaign closing March 13.
A 60 day settlement was agreed.
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