Inner-city Melbourne Walter Pollock portfolio sold

Inner-city Melbourne Walter Pollock portfolio sold
Inner-city Melbourne Walter Pollock portfolio sold

A portfolio of three commercial inner-city Melbourne properties has been solid on behalf of the estate of architect Walter Pollock for a total of $13.35 million.

The properties comprised 182-188 Clarendon Street, South Melbourne which sold for $5.985 million, $2 million above reserve, 341-345 Queensberry Street, North Melbourne which sold for $5.3 million, $2.3 million above reserve and 59-61 Park Street, South Melbourne  which sold for $2.065 million.

Fitzroys agent James Gregson said the properties fetched nearly 50 percent more than the $9 million-combined they were expected to realise.

"The 420sqm approx 182-188 Clarendon Street site sold on a remarkably sharp 1.6 percent yield and after receiving in excess of 100 buyer enquiries, the property ultimately selling on a land rate of $14,387 per sqm,” he said.

"The site features three street frontages and a functional 300sqm retail freehold, and was sold with a monthly tenancy in place returning significant income. The Commercial 1-zoned property was offered with the development potential of a height limit of six stories of 23.5 metres with no setbacks, or up to 19.5 metres of circa five levels.

"The corner site at 341-345 Queensberry Street (above) sold under the hammer for $5.3 million after being placed on the market at $3 million, reflecting a land rate of $14,000 per sqm and $21,000 per sqm. On a land area of 370sqm approx, it has three street frontages with improvements comprising a two-level freehold with excellent on-site car park."

The 246sqm corner retail/showroom investment site at 59-61 Park Street, was sold on a 4.98 percent yield with a lease term of 3+3 years and currently returning $103,415 plus GST.

Tags: 
Melbourne Commercial Sale

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