Lygon Street retail sale at $3.66 million

The long-time owner of 160-162 Lygon Street, Carlton secured $3.66 million at recent auction, just shy of the strip's all-time record.

The 684 square-metre commercial building came with a six-year lease to long-term tenant, BC’s Bar Centrale at an annual rental of $166,472, reflecting a 4.5% rental yield.

Teska Carson handled the auction for the vendor, the Bussolaro family who had held the ­property for 45 years.

Located on the corner of Argyle Place East, the three-storey building includes a ground floor café and bar, a function room with a commercial kitchen and a caretaker’s unit.

The 250 square-metre site, zoned Commercial 1, includes an 11-metre frontage to Lygon Street.

In absolute terms, the highest price paid since 2008 was $3.71 million in 2009 for 350 Lygon Street, a two-level corner site measuring 173 square metres, equating to $21,445 per square metre.