Retail shop in Melbourne's Chapel St. fetches $1.31 million

Retail shop in Melbourne's Chapel St. fetches $1.31 million
Retail shop in Melbourne's Chapel St. fetches $1.31 million

A strata titled shop on the Windsor end of Melbourne's popular retail strip Chapel Street has sold to a Melbourne-based investor for $1.315 million, or $18,264 a square metre, in a private sale.

The 43 s Pagewood property attracted enquiries from local and off-shore investors including SMSFs, according to marketing agents, Teska Carson’s George Takis and Larry Takis.

The property comprises the ground floor retail component of a two-level Victorian-style building on a 72-square metre site.

The property was offered subject to a three-year lease with a three-year option to Cheung Shing Pty Ltd, trading as Fish on Chapel, on an annual rental of $61,807 with 5 percent annual increases.

"This location at the Windsor end is exposed to tens of thousands of passing cars per day along with an enormous amount of pedestrian traffic and this has attracted numerous well-known restaurateurs, including Hawker Hall, Saigon Sally, Massina, Tokyo Tina and Mr Miyagi, to what is now a widely recognised destination for connoisseurs of fine food," said George Takis.

Tags: 
Melbourne Commercial Sales

Comments

Be the first one to comment on this article
What would you like to say about this project?