Grand former 1880s Clifton Hill bank sells for $4.5 million

Grand former 1880s Clifton Hill bank sells for $4.5 million
Grand former 1880s Clifton Hill bank sells for $4.5 million

A grand two-level freehold building in Melbourne’s highly sought-after inner north suburb of Clifton Hill has sold for $4.5 million.

The sale price reflected a 2% yield on the total income. It was originally the Melbourne Savings Bank and last sold in 2008 at $2 million.

Fitzroys agents Michael Ryan and James Gregson sold the property on behalf of a private vendor at a land rate of $6,521 per square metre.

The 690 square metre site has a wide 20.15 metre frontage to Queens Parade and rear right of way. It comprises a two-storey building of 300 square metres, featuring a fully-fitted restaurant ground floor with the first floor currently being used as a residence.

Zoned Commercial 1, it was sold with a lease to Taco Bill on the ground floor.

Ryan said the surrounding area has undergone significant transformation with numerous medium to high-density development being undertaken, further stimulating retail food and beverage service uses with the vicinity.

Tags: 
Melbourne Retail

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