Emerald Hill, South Melbourne retail terraces fetch $27.5 million

Emerald Hill, South Melbourne retail terraces fetch $27.5 million
Jonathan ChancellorDecember 7, 2020

South Melbourne's Emerald Hill Terrace – a row of 15 adjoining buildings – has been offered selling on a low 4.2% yield.

Developed in 1887, it is a distinctive row of double-storey retail terraces with an estimated net income of $1,146,555 p.a.

The property offers 15 ground-floor retail tenancies, 10 dwellings and two offices. Offering subdivision potential as currently single title.

It covers the street addresses known as 328-362 Clarendon Street, 48-69 Emerald Hill Place and 244-246 Park Street.

Emerald Hill Terrace last sold to the Cannon family in 1997 for $5.6 million having being previously owned by the state government.

It was saved from demolition by then Liberal premier Dick Hamer.

The Victorian terrace shops sold to a syndicate of private investors for $27.5 million through Dixon Kestles agent John Pratt and Ian Price, with Knight Frank's Ken Smirk and Marcus Quinn.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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