Lygon Street property listed for private sale

A freestanding two-level building in leafy Lygon Street on the edge of the Melbourne CBD remains listed for sale.

The 232 Lygon Street property is being offered with vacant possession through commercial real estate firm CBRE after last month's sale failed to yield a buyer.

Lygon Street is also a synonym for ‘Little Italy’, where Melbourne's cafe culture was born.

The 245 sqm landholding has further development potential subject to council approval.

The property is surrounded by some of Melbourne’s best eateries and there are plenty of boutique retailers.

According to the description, the street offers 7 day/24 hour trading conditions due to high volumes of pedestrian traffic driven by shoppers, tourists and students.

The listing agents are Sandro Peluso, Rorey James and Nic Hage of CBRE.

Its previous sale price was $495,000 in 1985, according to CoreLogic RP Data.

A recent sale in the tightly held precinct were two freestanding corner adjoining buildings at 242 Lygon Street.

The deal value was in 2015 at $6.32 million through Colliers International.

The property is fully leased to Stotts College at a net rent of $338,000 pa plus GST.

The lease is for five years with options for two further extensions and fixed 4% annual increases.

Last year, a retail space at 265 Lygon Street sold for $3.96 million, according to CoreLogic RP Data.

The shop was on a six-year lease providing an annual income of $148,567 plus GST and fixed annual rental increases.