Bayleys agents have sold 3 central area properties on High St (pictured above), Queen St and on Vernon St, plus an Eden Terrace site intended for development.
The Vernon St building is just up from the convergence of Victoria & Wellesley Sts at Victoria Park, and round the corner from some major developments occurring along Sale St.
41 High St:
Features: 240m² site, 434m² 2-level character building, ground floor previously occupied by fashion store is vacant while upstairs is leased to tanning clinic with March 2018 final expiry
Rent $61,219/year net + gst
Outcome: sold for $5.9 million
Agents: Cameron Melhuish & Mike Adams
239 Queen St:
Features: 38m² retail unit on Queen St frontage of Mid City complex; new 12-year lease to Avanchi kebab takeaway, in occupation for over 10 years
Rent: $150,219/year net + gst
Outcome: sold for $2,935,657 at a 5.13% yield
Agents: Quinn Ngo & James Chan
2A-2D Vernon St:
Features: 3-level mixed-use unit-titled building comprising 111m2 boutique office floor with monthly tenancy, 3 81-90m2 apartments above, plus basement parking
Rent: $37,080/year net + gst on office space; apartments leased at $700-750/week on monthly residential tenancies
Outcome: sold for $3.2 million at a 4.7% yield
Agents: Cameron Melhuish, Matt Gordon & Genevieve Thompson-Ford
1 Minnie St:
Features: underdeveloped 1115m² elevated corner site zoned mixed use, 809m² 3-level building with warehouse, office & showroom space on first 2 levels & 3-bedroom apartment above
Outcome: sold to a developer for $3.888 million with vacant possession on long-term settlement
Agents: Scott Kirk & James Were
Attribution: Agency release.