Local investor purchases Lt Collins retail property at record $39,000 psm

A local investor has paid $508,000 for a Little Collins Street retail investment at a record $39,077 psm rate for a strata titled CBD retail property.

The deal, brokered by Teska Carson‘s Gideon Marcus, was for shop 11, 530 Little Collins Street in the Exchange Tower building.

Situated on the building’s ground floor, the property comprises a 13 sqm space currently leased to Exchange Tower Newsagency on a five year term from August 2015 with a five year option.

The property has a current rental income of $47,896.68 plus GST.

Featuring three street frontages the shop has pedestrian access via Little Collins Street, Church Street and Union Place.

The 12,230 sqm Exchange Tower comprises ground floor and mezzanine level retail tenancies and 207 upper level office suites which are fully occupied housing approximately 1000 workers.