Forrest Hill strata showroom sells on a sharp 3.1% yield

A strata-titled ground floor showroom space in South Yarra’s booming Forrest Hill precinct has sold for $2.275 million on a sharp 3.1% yield.

The 6 Almeida Crescent property is leased to South Yarra Art House Gallery, and returns $70,000 per annum plus outgoings and GST.

The 290 sqm property forms part of a low-rise two-storey development encompassing seven units, which sits on an 845 sqm site.

It is located in the Forrest Hill precinct that is home to nearly 4,000 residents and has seen around $2 billion worth of construction take place, with upcoming developments including the 50-storey Capitol Grand development on the corner of Toorak Road, and the 661 Chapel Street development just nearby the Almeida Crescent site.

Fitzroys agent Chris Kombi sold the property.