Chapel Street retail to fetch $2.5 million

A securely leased retail investment in Melbourne's popular inner-eastern suburb Prahran is expected to sell for in excess of $2.5 million.

Available through Teska Carson, the 254 Chapel Street and 4 King Street property comprises two retail tenancies totalling 257 sqm.

It forms part of the Vicino Apartments building, a double storey mixed used development with ground floor retail and apartments on the upper levels.

The properties are currently used by Sister of Society, who operate a bar/function space at the Chapel Street site and uses King Street for storage and office use.

The Sisters have a five year lease with two, five year options at current rental of $150,000 per annum with four percent annual increases.

Marketing agents George Taki and Fergus Evans suggest the property presents an exceptional opportunity for investors to acquire a securely leased asset situated on one of Melbourne’s premier retail strips.

"Rarely do properties of this calibre with such a strong lease covenant become available in what is a very tightly held and very popular retail strip," George said.

The property will be auctioned October 14 on site.