East Melbourne retail opposite MCG fetches $3 million‏

A Melbourne based investor has outbid four other potential purchasers at the auction of an East Melbourne retail property with a final bid of $3.025 million.

It sold through Savills Australia in conjunction with MGO Property.

Savills’ Nick Peden and Jesse Radisich, and MGO Property’s Martin O’Halloran, said the 74 Wellington Parade property drew 120 enquiries.

There was an auction crowd of more than 60.

Located on the corner of Simpson Street, the property comprises a two level retail building with retail and office uses on the ground floor and office upstairs on a 193 square metre site with six metres frontage to Wellington Parade and 28 metres to Simpson Street.

Mr Peden said the property was sold fully-leased to two tenants at a total income of $95,576 net.

Mr Radisich said the high profile position and the close proximity to the MCG and Jolimont Railway Station, along with Wellington Parade traffic, provided a particularly strong retail catchment.