SOUTH YARRA – PRIME CHAPEL STREET RETAIL FREEHOLD INVESTMENT SOLD IN OFF-MARKET DEAL
A private investor as purchased a block of three moderns shops at 576-584 Chapel Street for $15,900,000 in a deal arranged and negotiated by Charles Emmett, Geoff Emmett and Andrew Milligan of Emmetts.
The sale price reflects an initial yield of about 3.5%, a land rate of $18,600 per sq m and a building rate of $24,274 per sq m – all recent benchmark metrics for the famous shopping strip.
Charles Emmett said the purchaser was attracted to the opportunity to gain exposure to the growth of the South Yarra market with several major developments under way or approaching commencement including 627 Chapel Street, The Jam Factory and 402 Chapel Street – all expected to drive the growth in the daily population.
In addition he added the purchaser was attracted to the property’s significant land holding (providing long term redevelopment potential), the modern retail improvements in addition to the high quality tenancy profile.
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