A local investor has picked up a freehold investment property in Balaclava for $5m, representing the first time the building has changed hands in more than 40 years.
A local investor has picked up a corner freehold investment property in Balaclava for $5 million, representing the first time the building has changed hands in more than 40 years.
Savills Australia’s Nick Peden, Jesse Radisich and Benson Zhou brokered the deal for 157 Carlisle Street in conjunction with Besser & Co.’s Dion Besser on behalf of a local investor.
The recently redeveloped building comprises a ground-level retail premises with five modern first-floor apartments.
“This was a unique offering, being one of the few corner properties within the very tightly held Carlisle Street retail strip,” Mr Peden said.
“The sale price of $5 million reflects a very solid price, particularly given a large percentage of the total income is derived from residential and therefore being a gross income.”
Mr Radisich said demand for high-quality retail investments remained strong across Melbourne.
“This is due largely to the low interest rate environment and future growth prospects for such investments,” he said.