Four storey Chinatown, Melbourne retail building sold

A four level freestanding CBD retail building situated in the heart of Melbourne’s Chinatown Precinct has been sold at $6.3 million.

It was last traded for $2.7 millionin 2013 when bought by Little Laneway Property Group - owned by shoe retailer Peter Wittner and My Size fashion mavens Robyn and Andrew Nissen.

Positioned at 11 Heffernan Lane, it is in Melbourne CBD’s retail core located between Swanston and Russell Streets.

The building was built in 1891 for solicitor M Mornane as a four level brick warehouse.

It was then occupied by the Wing Ching café in 1892 run by Ah Gee.

It now trades as a the GT Internet Game Club.

The lane was named in 1857 after Rolly Heffernan, owner of the Melbourne Hotel in Lonsdale Street.

It was home to several Chinese restaurants in the early 1900s.

It offered with an eight year net lease returning $213,075 per annum with 4% fixed annual rental increases. 

The price reflected a sharp yield of 3.3 per cent through CBRE and Morley Commercial.

Set on a 440 square metre block, the building is surrounded by major shopping centres and transport nodes including QV Complex, Emporium Melbourne, Melbourne Central, Mid City Centre and Target Centre.