The 275sq m primary-grade retail investment asset at 596 Burke Road, Camberwell, transacted for $6.008 million, reflecting a yield of 5.11 percent.
Savills Australia sells 596 Burke Road for $6.008 million
Camberwell’s popular T2 premises has changed hands following a private sale between local investors last week.
The 275sq m primary-grade retail investment asset at 596 Burke Road, Camberwell, transacted for $6.008 million, reflecting a yield of 5.11 percent.
T2 shares the premises with gift and home décor store, Montebello Emporium.
Savills Australia’s Nick Peden, Jesse Radisich and Benson Zhou brokered the deal, achieving a strong land rate of $22,007 per square metre.
Mr Peden said investment opportunities in the metropolitan markets of Camberwell and Hawthorn had been hotly contested this year.
“This is the latest in a string of sales we’ve concluded in the area,” Mr Peden said.
“In 2017 alone, Savills has sold seven prime properties, ranging in value from $5.5 million to $15 million.”
Learn more about Savills Melbourne CBD & Metropolitan Sales.