North Melbourne Investment Sold at Auction for $2,140,000

North Melbourne Investment Sold at Auction for $2,140,000

A commercial investment with a long term tenant on the fringe of the Melbourne CBD at North Melbourne has been sold at auction by Ray White Commercial for $2,140,000.

The ground floor property at 478-482 Victoria Street, North Melbourne, was sold under the hammer to a private investor by Ray White Commercial Oakleigh’s George Kelepouris on behalf of a private owner for a yield of 5.0 per cent.

George Kelepouris said the on-site auction attracted four bidders after keen interest from a variety of parties during the marketing campaign.

“This approximately 400 sqm building offered a tremendous investment opportunity as it has an established restaurant operator tenant and is returning net rental of approximately $111,136 per annum,” he said.

“The tenant’s current five-year lease commenced in May 2014 and there are four options of five years.”

George Kelepouris said the restaurant has a high quality fit out including a fully equipped commercial kitchen as well as extensive inventory.

“The property enjoys approximately 19 metre frontage to Victoria St and is well serviced by public transport,” he said.

“It is just minutes from Queen Victoria Market, Spencer Street, Citylink, and the CBD.”