Church Street, Brighton NAB branch sold for $6.1 million

The NAB bank branch in a prime section of the Church Street in Brighton has been sold for $6,105,000 at auction. 

Fitzroys agents Chris James and Mark Talbot sold 35 Church Street on behalf of private owners, who had held the site for 23 years.

A private Melbourne-based investor purchased the property.

On a 288 square metre site, the property has an 8.5 metre frontage to Church Street.

NAB has a long-term lease over the property, and the sale price reflected a sharp 3.5% yield.

Over 100 enquiries were received from around Australia and offshore, according to James. 

The property is positioned within the tightly held section of Church Street, between Carpenter and St Andrews streets, which is currently experiencing a record low 0% retail vacancy.

Neighbouring tenants include Australia’s leading high-end retailers in Country Road, Mecca, Scanlan Theodore and Saba while the Dendy cinema complex is opposite.

“The immediate catchment has been bolstered with the introduction of medium-density residential developments in what is broadly a low-rise suburb, while the suburb is home to a number of highly sought after private schools,” James said.

Fitzroys sold the two-level, 110 square metre building home stationery company Smiggle at 67 Church Street last year for $2.41 million, at a yield of 3.2%.