Hampton Pharmacy has sold for a record yield in Melbourne, with a historic auction delivering the new benchmark.

Fitzroys' agents Mark Talbot and Tom Fisher handled the campaign of the Hampton Pharmacy premises at 323-325 Hampton Street, which sold for $2.66 million at a yield of 2.6%. 

The pair acted on behalf of the Read and Leung family, the previous occupiers of the pharmacy. 

At a glance:

• Hampton Pharmacy sold for $2.66 million at auction, reflecting a yield of 2.6%.
• The fully tenanted property at 323-325 Hampton Street comprises 243 square metres and has a frontage of 7.62 metres.
• Fitzroys' agents Mark Talbot and Tom Fisher handled the campaign on behalf of the Read and Leung family.

The fully tenanted property comprises a two-storey brick building of 243 square metres that is home to Hampton Pharmacy on the ground level and has a first-floor office space.

Zoned Commercial 1, it has a substantial frontage of 7.62 metres and is located in the retail heart of Hampton Street, just a few metres from Hampton train station and between Willis and Thomas Streets. 

Mr Talbot said there were more than 100 enquiries for the property, as well as fierce competition from five bidders at the auction.

“The result demonstrates that investors retain a strong appetite for primely-positioned retail strip properties, located in areas offering healthy growth prospects," he said.

“Trading along Hampton Street has been strengthened by the ongoing development around the strip, including the Anchorage and Lido projects just metres away from 323-325 Hampton Street."

According to Fitzroys’ Walk the Strip report, Hampton Street has been one of the Melbourne’s best-performing retail strips recently, with vacancies tightening from 8.4% in 2017 to 5.6% last year. 

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