A local investor has paid $2.645 million at the extraordinary land rate of $19,307 per square metre for a boutique retail/office space at South Yarra following a lively and well attended Teska Carson auction.
According to selling agents, Reece Israel and Michael Ludski, the 555B Chapel Street listing drew a strong market response resulting in competition between four bidders pushing the price to $600,000 over the vendor’s reserve.
``Despite the obvious issues facing retail, this freehold property, offered with vacant possession, was extremely well received by prospective purchasers including a wide range of buyers looking to invest or owner-occupy in one of Melbourne’s most sought after fringe markets.
``South Yarra has been somewhat the flavor of the month recently with the result that any listing attracts considerable attention and that has meant some excellent results for vendors including this one,’’ Mr Israel said.
Located opposite the Colonade Shopping Centre, the property comprises a low maintenance and well-presented single level, 154 square metre building featuring open plan spaces, a spacious mezzanine area, natural light and polished concrete floors. Â
The 137 square metre, Activity Centre zoned, site has nearly five metres frontage to Chapel Street and on-site parking.Â
``This was a great opportunity to purchase a first rate building in the centre of what is an iconic retail strip and one of Melbourne’s most sought after inner city areas.
``South Yarra’s acknowledged reputation for liveability and population growth along with its affluent demographic are noted by prospective purchasers as likely to continue to deliver rental and capital growth,’’ Mr Israel said.
