South Melbourne Investment Sold
A warehouse/residence complex with redevelopment upside leased to a renowned blacksmith business at South Melbourne on the Melbourne CBD fringe has been sold by Ray White Commercial.
The property at 79 Thistlethwaite Street, South Melbourne, was sold to a local investor by Brett Diston of Ray White Commercial Vic-Nunawading on behalf of a private owner for a yield of approximately 3.3 per cent.
“The approximately 280 sqm two-storey building on a land area of approximately 160 sqm is currently leased to a long standing renowned blacksmith who occupies the whole property, which includes an apartment on the first floor,” Brett Diston said.
“The current five-year lease is returning net rental of $47,000 per annum.
“The property is located within a Capital City Zone which will allow an astute investor the opportunity to unlock future development prospects.
“This location provides direct access to CityLink, Westgate Freeway and the Melbourne CBD. Public transport is within a short walk with the South Melbourne market and Clarendon retail precinct in proximity.”