Brighton retail property sells on record yield of 1.6 percent

A retail property in Melbourne’s Brighton has sold for $1.45 million in an off-market transaction, on a record yield of 1.6% yield.

The 165 Martin Street property was formerly the home of the iconic Gardenvale Collectables, which specialised in historic VFL/AFL and sports memorabilia, and is now occupied by Laser & Lashes. 

The selling agent was Fitzroys’ Mark Talbot, who recently sold the property next door as well. 

The property at 167 Martin Street sold for $1.55 million on a yield of 2.2%.

The 165 Martin Street property is located in the strip’s popular retail and hospitality precinct between Nepean Highway and Gardenvale train station.

“Martin Street is a thriving retail village surrounded by specialty retail and hospitality options, situated in one of the Melbourne’s most prestigious suburbs, and has significant potential for investors and owner occupiers,” Talbot said, adding the buyer didn’t want to pass up on the opportunity to secure a site in one of Melbourne’s most tightly held retail strips. 

“The precinct is surrounded by an established residential community that is slated for further population growth, and has a number of top-class education facilities nearby.” 

He said the large volume of enquiry for 167 Martin Street was able to be successfully converted into another record-breaking sale that satisfied both the vendor and purchaser. 

This marks Talbot’s third sale in the suburb over the past two months.

He also recently sold the two-storey café and dwelling building at 305 Bay Street, adjacent to North Brighton Station, at auction on a 3.3% yield for $2.255 million, setting a new benchmark price for a single-front retail property on Bay Street.