A Melbourne based investor has paid $8.3 million on what is believed to be a record low passing yield of just 1.22 per cent following an Expressions of Interest campaign through George Takis and Larry Takis of Teska Carson. 

According to Teska Carson Directors George Takis and Larry Takis, who brokered the deal, the property sold on a massive land rate of $11,806 a square metre to an investor with the intention to occupy the premises at the conclusion of the current leases.

Located at 335-341 Bridge Road the property comprises a two storey, 685 square metre, retail building which has been refurbished and internally subdivided to provide two self-contained tenancies which are occupied on a five year lease from October 2018 by Australia Post and on a monthly lease basis to NAB for a combined annual return of circa $285,000.

George Takis said the property had attracted a strong field of suitors, including developers, investors and owner-occupiers, based on the location and the significant development potential.

“This is a location which has arguably been inner Melbourne’s most popular commercial and lifestyle precinct over recent years attracting a multitude of commercial tenants and residents which have driven a consequent surge in development.”

“The corner site, providing excellent access, was then very appealing in a market short of such opportunities and so the very strong response to the marketing campaign and the ensuing result was not surprising, ’’ Mr Takis said.

The Commercial 1 zoned 703 square metre site has frontages of 20 metres to Bridge Road and 33 metres to Gleadell Street facilitating any future redevelopment plans. A proposed subdivision had been prepared but not lodged with the local council while a preliminary scheme for a 14 level apartment building had been provided by RBi Architects. 

To request a sales analysis please contact either of the selling agents via the below contact details.

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