Melbourne Acquisitions together with Allard Shelton were proud to offer an exciting opportunity being 106 Greville Street, Prahran to the market. Known for its young and trendy lifestyle, Greville street contains a large array of restaurants, cafes, bars and fashion outlets.
The commercial investment is currently leased by ‘Urban Express Tobacconist’ on a five year lease, having commenced in May 2019 and generates approximately $30,900 per annum (plus GST and outgoings). The property has a building area of approximately 57.1sqm and includes one (1) car space.
Bathed in the beautiful Melbourne sunshine, a healthy crowd of locals and investors gathered to the much anticipated auction as three bidding parties participated. The bidding opened at a shy $400,000 before quickly heating up and reaching the reserve at $575,000. With both bidders feeling the heat, the auction came to end selling to one lucky buyer for $636,000 – $66,000 above the reserve.
As a result of the sale, the yield works out to be 4.85% along with a price/sqm rate of $11,138/sqm.
Well Done to Melbourne Acquisitions and Allard Shelton on a hot result!
Written by Jamie Muscatel (Ready Media Group)