Alfresco café dining premises in Richmond listed at $655,000

A newly renovated corner retail property on Swan Street in Richmond that would suit a cafe has been listed for sale with an asking price of at $655,000 plus GST.

The property would suit a self-managed super fund investor or a cafe operator who wishes to own his or her own premises.

The 70-square-metre property at 255 Swan Street on the north-east corner with Mary Street has 5.6 metres of street frontage and also features a small timber deck area on Mary Street side with bifold windows opening on to the street

White says there is an opportunity for alfresco outdoor facilities with consent for tables and chairs on the Swan and Mary street pavements on obtaining the relevant permits.

“The property is also adjoined by an architecturally designed residential development at the rear and there is an established residential area further north from Swan Street," says White.

The vacant property is also available for lease at a net rent of $36,500, which would equate to a yield of around 5.5%.

It previously was the premises for a take-away business.

Recent retail premises on Swan Street include the 204-square-metre premises of Angus antique furniture just a few shops down from the vacant corner café, which sold for $1 million in March last year on a yield of around 3.7% through Tom Maule and Larry Takis of Teska Carson Richmond.

Swan Street runs perpendicular to Punt Road from the Royal Botanical Gardens to Park Grove.

Other nearby retail businesses on Swan Street include Greek Restaurant Salona (260A Swan Street) Lily and Weasel, a home, gift and accessories boutique (173 Swan Street), auction house Swan Street Sales (365 Swan Street) and the Swan Street veterinary clinic (445 Swan Street).

The corner property is for sale or lease with immediate occupancy.