Swanston Street Arcade to Sell
The five shops, part of a Federation building on the south-west corner of Little Lonsdale Street, are fully leased and return $357,872 per annum. It is expected to sell for around $8 million.
Knight Frank director and selling agent Clinton Baxter says it is the first time a freehold property has been available on the western-side of Swanston Street for over five years.
The building is the latest in a string of CBD and city fringe retail properties to be put to the market recently.
In August, CB Richard Ellis was appointed to sell a portfolio of nine retail shops, worth an estimated $18 million, at the ground level of the Hero apartment complex on the corner of Little Collins Street and Russell Street. Last week, a portfolio of 20 retail shops, on the ground level of the Freshwater Place building in Southbank also came to the market. Those properties are expected to sell for around $50 million.
