A record result has been achieved in the popular Fitzroy North Village with the sale of a high-profile building opposite local institution Piedimonte’s Supermarket.
Fitzroys’ Chris Kombi and Ervin Niyaz sold 244-246 St Georges Road, Fitzroy North for an undisclosed price that reflected a land rate of well over $11,000 per sqm and a sharp 2.2% yield on the passing rent.
The impressive 425sqm two-storey building comprises a ground floor restaurant leased to Panna Thai, first floor dwelling, basement cellar and separately accessible warehouse area.
A private local investor bought the versatile L-shaped property after a highly competitive EOI campaign during Victoria’s current lockdown.
Kombi said there is a large volume of capital waiting to be deployed after 18 months of few quality retail opportunities coming to the market,
“Investors, land bankers and value-add players fiercely competed for this highly versatile freehold, recognising the rarity of the offering in one of Melbourne’s most tightly-held precincts, creating prime conditions for a new benchmark result,” he said.
“The property ticked all the boxes as an investment and value-add prospect, positioned in an immensely popular and evolving cafe, eatery and hospitality precinct, directly opposite local institution Piedimonte’s supermarket, and at the doorstep of public transport and the Edinburgh Gardens.”
Niyaz said family-run Piedimonte’s is set for a redevelopment that will overhaul the supermarket into a major 5,000sqm offering with more than 60 apartments, roof terrace, café and underground parking, further boosting the immediate catchment.