Local Thornbury icon sale continues High Street’s run: The generational shift across Melbourne’s shopping strips and demand for assets across the prized inner-north has seen a local Thornbury food icon sell at a sharp 3.89% yield, the latest along the popular High Street strip to trade at a tight return.
Fitzroys agents Chris James, Ervin Niyaz and Terence Yeh sold 709 High Street for $1.3 million to a local investor.
The campaign represented the first time in 44 years the property had been offered to the market, following a long and celebrated association with the Tacconelli family.
The 158sqm site sold with income from dual tenants, which include gourmet French eatery Café Flo on a new five-year lease and food production facility at the rear.
Five bidders competed for the asset, highlighting the ongoing buyer appetite for retail property in the region, renowned for its trendy and popular lifestyle and hospitality offering.
This year, Fitzroys has sold shop and dwelling assets at 740 High Street at a 3% yield, 785 High Street at a 2.4% yield, and more recently 917 High Street which sold with a short term lease in place. Like 709 High Street, the three properties were sold following fierce competition between multiple bidders.
The Tacconelli family’s association with 709 High Street began with the purchase of an existing milk bar business within the premises in 1972.
Historic CBD terraces trade for $30 million: Three National Trust-listed three-storey terraces on Collins Street in the Melbourne CBD have changed hands.
The Hicks family sold the 86-88 Collins Street asset, in the city’s east end, for circa $30 million after 26 years of ownerships to head of Print Media Group, Leo Moio.
Now utilised as one commercial building, they are the last remaining terraces on the major CBD thoroughfare and were initially consulting rooms built for Dr Robert Martin in 1872. Today, footwear retailer Christian Louboutin is in the shopfront; bar Doc Martins and eatery Collins Quarter are downstairs, and former Carlton footballer and AFL Commissioner Mike Fitzpatrick’s 88 Green Ventures firm occupies the office space upstairs.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys.