Prime Williamstown retail site sold for $7 million

Fitzroys has achieved a second landmark sale in Melbourne’s west in recent weeks, with a prime Williamstown retail site fetching $7 million under the hammer.

The 738sqm corner property at 20-26 Ferguson Street, comprising seven titles offered as a whole, sold under the hammer on a 3.85 percent net yield.

A local Williamstown resident was the successful bidder of four parties that competed for the site in front of around 70 people.

Fitzroys agents James Gregson and Michael Ryan handled the campaign on behalf of a private investor, who acquired the site in 1983 for $190,000.

It follows Fitzroys’ recent sale of the nearby retail site at 5, 7 & 9 Ferguson Street under the hammer for $4.225 million, which Gregson and Ryan also handled.

The three adjoining shops were offered in one line and sold $300,000 above reserve, with the sale price reflecting a tight 3.4 percent yield.

The 20-26 Ferguson Street offering included five shops and two dwellings/offices across a total building area of 761sqm, with a 28-metre frontage to Ferguson Street, three street frontages and rear parking.

The property was offered with leases to long-standing tenants, including Yambuki Japanese Restaurant, Ella Bache, Cocoa Latte and H&R Block, with a combined return of around $290,000 per annum.

Ryan said the property had a long-term development upside.