Private Investor Pays $13 million for CBD Retail Investment – realestatesource https://www.realestatesource.com.au Commercial and residential property news Mon, 29 Oct 2007 13:00:53 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png Private Investor Pays $13 million for CBD Retail Investment – realestatesource https://www.realestatesource.com.au 32 32 Private Investor Pays $13 million for CBD Retail Investment https://www.realestatesource.com.au/private-investor-pays-13-million-for-cbd-retail-investment/ Mon, 29 Oct 2007 13:00:53 +0000 http://realestatesource.com.au/wordpress/private-investor-pays-13-million-for-cbd-retail-investment.html Sale results for CBD retail assets continue to defy explanation, with a small arcade of shops, on a prominent corner diagonally opposite the State Library of Victoria, selling at auction for $13.05 million, more than $5 million over its reserve.

]]> The recently refurbished property, at the corner of Swanston Street and Little Lonsdale Street was tenanted to five separate retailers, and returns $357,800 per annum in rent. Rental levels were considered below market value, which contributed to a low yield of 2.74 per cent.

“The property attracted enormous levels of interest due to its exceptionally strong location, modest rental levels and future development potential,” said Knight Frank selling agent Clinton Baxter who sold the property with Langton McHarg.

The sale was the thirtieth straight property the Baxter & McHarg duo have sold successfully at auction. It follows the recent sale of the Surf Dive n’ Ski store in Bourke Street, which sold for $9.3 million, or $2.3 million over its reserve.

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