Single-fronted Brighton shop fetches suburb record
Katherine JimenezMarch 18, 2014
A single-fronted shop in Melbourne's Brighton has set a record price for the suburb, fetching $1.750 million at auction. Four parties competed strongly for the 357 Bay Street shop but eventually a local Brighton family won out.
The sale reflected a tight yield of 3.7%.
Fitzroys senior associate Mark Talbot handled the auction campaign, which saw the property offered for the first time in 60 years.
The property comprises a double-storey retail building of about 150 square metres, on a land area of about 174 square metres. It features retail on the ground floor and a two-bedroom refurbished apartment on the first floor.
