In a resounding testament to the enduring appeal of South Yarra as a prime real estate destination, Lulo Investments has secured the acquisition of a premium blue-chip retail property at 131 Toorak Road for an impressive $2,416,000. This successful transaction, which reflects a robust building rate of $18,303 per square metre and an attractive yield of 3.57%, marks a significant milestone in the area's real estate landscape.

The coveted property, which has been owned by a local family for over four decades, features a tightly held land parcel spanning 148 square meters and boasts an impressive 5.7 meters of high-exposure frontage along Toorak Road. Notably, the property's enduring charm is enhanced by the presence of its flagship tenant, the esteemed florist Victoria Whitelaw, who has been a cornerstone of the property for more than 20 years.

With a generous Gross Floor Area (GFA) of 132 square meters, the property strategically positions itself to benefit from South Yarra's burgeoning $5.0 billion mixed-use future development pipeline and the rapidly growing population of residents, occupiers, and visitors, which averages 86,000 on weekdays. Furthermore, the property's favorable ACZ1 zoning signals significant future development potential (STCA).

For those who frequent its gardens and shops, South Yarra is synonymous with vibrancy and sophistication, making it a premier destination within Melbourne. This sale is a testament to the allure of this neighborhood and its capacity to attract investors from various backgrounds.

The successful sale was orchestrated by Karim Ford, George Davies, Jeff Ha, and Eva Ni of Cushman & Wakefield, in collaboration with Kristian Peatling and Warwick Bramich of Alexander Robertson.

Karim Ford, reflecting on the transaction, highlighted the campaign's impressive results which generated a staggering 115 genuine buyer inquiries, leading to 18 contract requests and 23 property inspections.

“The competitive bidding process attracted interest from four distinct groups, including owner-occupiers, local investors, and even an offshore group based in China, who enthusiastically participated in the auction over the phone.

“This sale underscores South Yarra's enduring appeal as a prime investment destination and sets a strong precedent for future real estate opportunities in this vibrant Melbourne suburb” he said.