Waterfront building with retail in Williamstown fetches $1.94 million at auction

Waterfront building with retail in Williamstown fetches $1.94 million at auction
Waterfront building with retail in Williamstown fetches $1.94 million at auction

A waterfront property in Melbourne’s Williamstown with a permit for an additional townhouse permit has sold under the hammer for $1.94 million.

It sold on a sharp yield of 3.1 percent.

The 227 Nelson Place property comprises a two-level building with a ground floor retail space and a two-bedroom residence, and an approved permit for an additional three-level luxury townhouse at the rear.

The winning bid was well over expectations, indicating the keen interest in inner-city locations. 

The 183 sqm property was sold with leases to two longstanding tenants, returning $60,349 per annum plus GST. It is zoned Commercial 1.

The selling agents were James Lockwood and David Bourke of Fitzroys, along with James Gregson and Michael Ryan of Allard Shelton.

Lockwood said the property was well suited for investment due to its inner-city location.

“The property is located in a superb waterfront position opposite Williamstown marina, providing city and water views, in a superb retail and lifestyle precinct,” he said.

Lockwood also said the $450 million Waterline apartment and townhouse development by AVJennings will bring an extra 2,000 residents to the immediate area, and should trigger further similar developments that would further improve the strong existing retail conditions for the Williamstown area.

 

Tags: 
Commercial Property Williamstown

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