Pitard sells new Melbourne gym
A strata titled gym – a 1148 square metre piece of Pitard Group’s recently completed Elsternwick Village Apartments building, in Melbourne’s inner south, has traded for $5.2 million.
Leased to Anytime Fitness for 10 years, the result for the asset, 14 Ripon Grove, reflects a 7.7 per cent net passing yield.
The rental agreement includes fixed 3.5pc annual rent rises.
The incoming owner will be able to claim tax depreciation benefits too.
There also 19 car parks (story continues below).
In Elsternwick Village, EVA, which goes by the address 233-247 Glen Huntly Road, contains c100 units over 12 floors.
Aston Commercial’s Joshua Colosimo and Jeremy Gruzewski with Iceberg & Co marketed 14 Ripon Gve for Simon Pitard, formerly co-director of failed developer Steller.
Elsternwick is about nine kilometres from Melbourne’s CBD.
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