Brand new Smith Street, Fitzroy retail premises sold

Brand new Smith Street, Fitzroy retail premises sold
Brand new Smith Street, Fitzroy retail premises sold

A brand new Smith Street, Fitzroy retail property has been snapped up for $805,000.

Lewis Waddell and Terence Yeh of Fitzroys, in conjunction with Richard Miglic of Miglic Dean, sold 13 Smith Street on behalf of the developer.

The sale price reflected a strong building rate of $8,945 per sqm, and a 6.2% yield.

The brand-new 90 sqm space includes one basement car park and is positioned within the Neometro’s seven-level Nine Smith Street development, which has 47 one and two-bedroom apartments and multiple retail spaces.

Business education operator Plato Project has a three-year lease with a three-year option over 13 Smith Street, returning $50,000 per annum plus GST.

Brand new Smith Street, Fitzroy retail premises sold

Yeh said the purchaser was attracted to the property’s positioning in one of Melbourne’s most popular and trendy lifestyle precincts, and the rare chance it presented to secure a high-yielding inner city asset in an affordable price bracket.

“The vibrancy of the Smith Street and nearby Gertrude Street lifestyle precincts have prompted a surge in the local population, as Melburnians embrace inner city living and look to be close to the action of their favourite shopping, hospitality and nightlife destinations,” Waddell said.

Just a few metres from 13 Smith Street, Pellicano Group is planning a new office project at 207 Victoria Parade, on the corner of Smith Street. 

Tags: 
Retail Fitzroy

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