St Kilda nightclub site sold off-market for $7 million

The St Kilda building which accommodated nightclub Area 61 has sold off-market.

The $7 million deal for the double-storey and multi-tenanted 61 Fitzroy Street values each of the 735 square metres of Business 1 zoned land at $9524.

The internal area is priced at $13,917 per sqm.

The transaction reflects a 3.15 per cent passing yield.

Allard & Shelton marketing agent Joseph Walton described the property in marketing material as a “prime” freehold with development upside.

When 61 Fitzroy Street was previously for sale, in 2013, it carried a permit for a five level building.

It was also returning total annual rent of $247,000 – which the agents said could have been increased to $305,000.

By comparison the asset earns annual rent of about $220,500 today.

Next door, a six storey mixed use building with 54 apartments is proposed.

The distinctive Victorian Pride Centre is under construction at 79-81 Fitzroy Street.

The 61 Fitzroy Street site (outlined) is less than 200 metres from Catani Gardens.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of