T2's Camberwell shopfront changes hands

Camberwell's popular T2 premises has sold for just over $6 million.

It was a private sale between local investors, negotiated by Savills Australia.

The 275sqm primary-grade retail investment asset at 596 Burke Road transacted for $6.008 million, reflecting a yield of 5.11 per cent.  

T2 shares the premises with gift and home décor store, Montebello Emporium.

Savills Australia’s Nick Peden, Jesse Radisich and Benson Zhou brokered the deal, achieving a strong land rate of $22,007 per sqm.

Peden said investment opportunities in the metropolitan markets of Camberwell and Hawthorn had been hotly contested this year.

“This is the latest in a string of sales we’ve concluded in the area,” Mr Peden said.

“In 2017 alone, Savills has sold seven prime properties, ranging in value from $5.5million to $15million.”