21st May, 2021
Stonebridge were delighted to offer both Shop 1, 166 Gertrude Street and Shop 4, 166 Gertrude Street, Fitzroy to the market. Both shops were sold separately to Asian investors.Â
Placed only 700m* away from the Melbourne CBD and are situated on the Gertrude street retail strip, the two shops generates much foot-traffic each day. The popular street is also home to some of Melbourne’s trendiest cafes, restaurants and shops.Â
Shop 1 comprises of 111sqm* along with an on-title car park and rear access. Having recently renewed their lease, the property is tenanted by a 2-in-1 tenant ('Calere Coffee' and 'Gaea Dining'), causing trading to occur at both day and night. The site generates an annual income of approximately $97,350 + GST + outgoings with vendor fixed 4% rental increases.Â
The 290sqm* corner shop at shop 4 in Gertrude street features two (2) on-title car spaces as well as multiple access points for customers. The retail site is leased to hair, beauty and wellness freelancing business 'Freedom Suites’ on a 10-year term, generating $159,000 pa.Â
A crowd of locals and investors gathered to the trendy pocket of Fitzroy hungry to witness the selling result of the two marvellous investment opportunities. Shop 1 commenced first and despite starting on a vendor bid of $1.5 million, the auction became a seesawing affair as two parties were eager to grab the retail investment. After a few back and forth exchanges between the bidders, the property ended up reaching the reserve and selling under the hammer for $1.71 million.Â
Following the sale of shop 1, the auction at shop 4 had also received a pleasing result, selling for $2.925 million.Â
The selling results meant both buildings traded at an average of almost $13,000 per sqm, and also drew almost $5 million worth of transactions, signalling confidence in the strip retail market.Â
Congratulations to Stonebridge for facilitating two great sales!
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