Brighton’s Wild Holly Cakes premises sold

A retail property on Bay Street, Brighton has sold under the hammer.

The property was the former premises of Wild Holly Cakes, a local institution that opened back in 1937.

The property at 389-391 Bay Street has two adjoining buildings over two titles with a combined 444 square metres of lettable area, on a 371 square metres site.

Mark Talbot and James Lockwood of Fitzroys sold the property on behalf of the oweners, the O’Callaghan family.

Lockwood said four bidders competed for the property, with the end sale price $400,000 above reserve.

“Despite being offered with vacant possession, more than 60 enquiries were received from local investors, owner occupiers and developers looking to secure a presence in this rapidly developing part of Bay Street, east of North Brighton train station,” Lockwood said.

Talbot said investors and owner occupiers have targeted Brighton retail offerings recently.

He noted recent sales,including 167 Martin Street for $1.55 million at a 2.2% yield; the $1.45 million off-market sale of 165 Martin Street at a 1.6% yield; and a dwelling freehold at 83 Church Street for $3.08 million at a yield of 1.9%.

“The superb fundamentals of an affluent and growing immediate catchment have made a notable impact on one of Melbourne’s most highly regarded locations,” Talbot said.