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.
