A local owner occupier has outbid a number of highly qualified buyers to secure a retail and office property at 526 La Trobe Street, Melbourne CBD for $3,550,000 on a tight yield of 3.56%.
The fully leased corner property provides 549sq m of Ground Floor retail space and light filled office space on Level 1, as well as the rooftop which provides valuable signage income. The property has a current net rental of $126,473 per annum.
The unconditional sale was negotiated by Savills Australia agents Nick Peden and Tim Carr who said the western precinct of the Melbourne CBD continues to undergo significant gentrification, which is underpinned by a high level of surrounding development activity and a large number of multinational companies moving their businesses to the area.
“With a distinct lack of property on the market within the CBD, it was evident that there was considerable pent up demand from buyers to secure premium property” Mr. Peden said.
“The sale demonstrates the resilience of the CBD property market and the large depth of buyers in the market for high quality city assets” said Mr. Carr.
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