Victorian building in prestigious Richmond Hill sold on a 3.48 per cent yield

A recently upgraded Victorian building in Richmond Hill in Melbourne’s inner east was sold to a Melbourne based investor for $1.15 million.

The 3.48 per cent yield brokered by Teska Carson’s Fergus Evans and Tom Maule was for the 410 Church Street property which has three street frontages, is well connected by transport and close to Richmond’s major retail and entertainment precincts.

The two-storey 400 square metre, Victorian building in excellent condition throughout as a result of recent improvements and features an open plan layout providing purchasers with an abundance of options.  

It is currently leased to a skin and laser clinic on a two year term with a two year option at a current net annual rental of $44,995 plus GST.

It last sold in 1988 at $298,000.

The Neighbourhood Residential zoning aims to manage and ensure development respects the identified neighbourhood character, heritage, environmental or landscape characteristics.

The marketing agents are Teska Carson said the area is arguably, Melbourne’s best and most sought after city-fringe precinct with vacancies at an all-time low, and a number of commercial developments with pre-lease agreements are underway.

Nearby a Melbourne based private investor has paid $2.6 million at a Teska Carson auction for a freehold investment property, the recently updated 316 Church Street property which comprises a two storey, 400 square metre, Victorian building on a 290 square metre site with three street frontages including nine metres frontage to Church Street, 30 metres to Darlington Parade and access via a rear laneway.

It sold last year at $2,585,000 and at $2.25 million in 2015.