Sweet retailers Burch and Purchese secure new Chapel Street South Yarra landlords

A fully refurbished South Yarra retail building has fetched $3.2 million under the hammer through Fitzroys, reflecting a 4.3 percent yield.

It was sold with a new 5x5x5 year lease to Melbourne's iconic sweet retailer Burch and Purchese.

it returns $140,400 per annum, plus outgoings and GST.

The substantial brick building of 300sqm sits on a 238sqm site with rear access via Daly Street and Forrest Hill.

The two-storey Chapel Street property received over 80 enquiries and a four party strong bidding through Fitzroys agents Chris Kombi and Chris James along side John Camilleri of Killen Thomas

Kombi said the site presented a rare investment opportunity in a high growth location with future value add.

“This is an enormously successful location with a huge catchment of over 4,000 residents and workers immediately surrounding the property, further enhanced by the growing number of residential projects currently under construction, including Royal Como, Gisele, 661 Chapel Street, W South Yarra, Wil & Co and many more.”

He said the surge in medium and high density development and the resultant population explosion has had a hugely beneficial impact on South Yarra’s famously dynamic retail and hospitality precinct.