Double-fronted High Street, Prahran site sells under the hammer

A double-fronted High Street, Prahran retail property has sold for $2.83 million under the hammer.

The 278 square metre Commercial 1-zoned property with a building area of 200 square metres, was sold subject to a four plus five year lease to restauraunt The Seasonal Kitchen from February 2015.

The property comprises two shops and the final sale price reflected a 3 percent yield.

Fitzroys agents Chris Kombi and Michael Ryan said the auction featured competition between five bidders.

Ryan said the property’s development and subdivision potential was key to buyer interest.

“Prahran’s vibrancy and popularity as a lifestyle location has spurred an increase in the level of high and medium density housing, which has had a hugely beneficial impact on its retail and hospitality precinct,” he said.