Smith Street, Fitzroy premises sold by Norman Beisher Foundation

The Norman Beisher Medical Research Foundation, which funds clinically based research into the health of women and babies, has sold its Smith Street, Fitzroy corner retail holding.

The 83-87 Smith Street offering attracted six bidders competed for the offering which annual income of $148,426.

It is leased to bag maker Crumpler Design (above and below), Japanese restaurant Neko Neko, the Burnside Cafe and the Greenwood Loft wine bar.

It fetched $5.1 million which was $1.6 million over reserve on a yield of 2.8%.

The result equated to a land rate of $23,406 a square metre and a building rate of $12,599 a square metre.

The buyer was an Asian family.

The Norman Beisher Medical Research Foundation paid $455,000 in 1993.