PodCo and Terraplex continue South Melbourne terrace sales
Melbourne-based property investment companies PodCo and Terraplex have continued the sell down of their Emerald Hill Terrace portfolio.
There have been two sales with a third property confirmed for July auction.
A local investor purchased 338-340 Clarendon Street in South Melbourne (pictured above) at an onsite auction for $3.95 million.
The 276 square metre property has a short-term lease in place to Bendigo Bank.
Meanwhile, in an off-market process, a 184 square metre retail/residential property at 342 Clarendon Street (pictured above) was purchased by a local investor for $2.175 million, reflecting a return of 3.8%.
PodCo and Terraplex acquired the portfolio in early 2015, and over the course of three years have subdivided the landholding into 15 separately titled retail/residential offerings.
CBRE’s negotiated the latest transactions, and will be selling the third property conjunctionally with Dixon Kestles with the agents suggesting confidence in Clarendon Street as "one of Melbourne’s top performing retail strips".
The next property to come to market as part of the portfolio sell down is 350-352 Clarendon Street, South Melbourne (pictured above).
It is a double fronted, multi-tenanted retail/residential property, comprising four apartments and two retail shops.
The auction is projected to achieve a sale result in the high $3 million range.