Gross Waddell ICR is pleased to announce the sale of 4B & 4C Izett Street, Prahran.
A crowd of circa 50 people attended last Thursday’s auction and saw 2 bidders compete for the property which sold for $2.2 million, representing a yield of 3.97%.
The key features of this high exposure corner retail investment include:
- Leased to the long-established Prahran icon Babble Bar & Café
- New 5 + 5 year lease
- Rental $87,500 p.a. net* as at 1st May 2022
- Unique building of 115 sqm* - Building rate: $19,130 psm*
- Total landholding of 200 sqm* - Land rate: $11,000 psm*
- 6 on-site car spaces
- Located within the heart of Prahran’s major retail and restaurant precinct and only metres from the vibrant Greville and Chapel Streets
* approx.
Alex Ham commented, “the auction campaign generated significant enquiry seeing the property being purchased by the tenant Babble Bar & Café, a Prahran institution having traded since 1992”.
