Bayleys agents have sold 2 central city buildings on Hobson & Wellesley Sts.
4 Hobson St:
Features: 455m² site, 1123m² 5-level mixed-use building – short-term language school lease on levels 1 & 2, vacant 358m² (including 103m² of balconies) 2-level 4-bedroom apartment above
Rent: $159,000/year net + gst (from language school lease)
Outcome: sold for $5.2 million
Agents: Quinn Ngo, Matt Lee, James Chan & Robert Platt
119 Wellesley St West:
Features: 804m² site opposite the entranceway to the City Works Depot & Sale St, 2-level 1056m² retail & office building fully leased to 6 tenants; city centre zoning permits a wide range of activities, including residential, and has a 30m height allowance
Rent: $300,526/year net + gst
Outcome: sold for $5.65 million at a 5.32% yield
Agents: Brendon Graves, Cameron Melhuish & Ben Wallace
Attribution: Agency release.