Emerald Hill, South Melbourne retail terraces fetch $27.5 million
South Melbourne's Emerald Hill Terrace – a row of 15 adjoining buildings – has been offered selling on a low 4.2% yield.
Developed in 1887, it is a distinctive row of double-storey retail terraces with an estimated net income of $1,146,555 p.a.
The property offers 15 ground-floor retail tenancies, 10 dwellings and two offices. Offering subdivision potential as currently single title.
It covers the street addresses known as 328-362 Clarendon Street, 48-69 Emerald Hill Place and 244-246 Park Street.
Emerald Hill Terrace last sold to the Cannon family in 1997 for $5.6 million having being previously owned by the state government.
It was saved from demolition by then Liberal premier Dick Hamer.
The Victorian terrace shops sold to a syndicate of private investors for $27.5 million through Dixon Kestles agent John Pratt and Ian Price, with Knight Frank's Ken Smirk and Marcus Quinn.