Fitzroy bar site on Brunswick Street sells for over $2 million

The site of a bar on Brunswick Street, Fitzroy, has sold for $2,038,000.

The two-storey shop and dwelling of 220 square metres occupies a corner site of 148 square metres, with a frontage of around 50 metres to Brunswick Street and Rose Street.

The property is fully leased to two tenants and returns a combined rent of $105,370 per annum.

Fitzroys agents Chris Kombi, Terence Yeh, and Lewis Waddell negotiated the sale, which they say is representative of a growing demand for food and beverage assets in Melbourne.

“Retail and commercial yields have tightened in recent years, and the added residential component can improve returns for investors, and often provide value-add opportunities,” Waddell said.

The sale price reflected a land rate of $13,770 per square metre, and follows Fitzroys’ recent sale of 180 Brunswick Street, home of café Newtown Specialty Coffee, which achieved more than $15,000 per square metre.

The group also recently sold the double-storey retail freehold at 95-97 Smith Street, Fitzroy, for $4.575 million at a 3.4% yield.