Two adjoining shops in the Victorian suburb of Brighton have been sold in an off-market deal for $3.6 million at a sharp 2.3% yield.

Fitzroys agents Mark Talbot and Tom Fisher negotiated the sale of 393-395 Bay Street on behalf of the Nitsos family. 

The property has a site area of 371sqm and is leased to Anmo Massage and health food shop Back 2 Nature. 

At a glance: 

• Adjoining shops at 393-395 Bay Street, Brighton have been sold for $3.6 million at a 2.3% yield.
• The deal was negotiated by Fitzroys agents Mark Talbot and Tom Fisher.
• The property was purchased by a local land banker.

Mr Talbot said the Bay Street off-market transaction was suited to the vendor, and the property was marketed to a select group of local and offshore land bankers. 

"The purchaser, a local land banker, was attracted to the property’s large land size and its location opposite the Coles supermarket and apartment complex in the rapidly developing part of the shopping strip, east of North Brighton train station," he said.

“Demand has spilled over from the dominant Church Street retail strip to Bay Street as buyers seek assets that will benefit from the long-term security of one of Melbourne’s best consumer catchments. 

“This has prompted a rapid evolution of Bay Street’s shopping and hospitality offering over recent years, which has further enhanced Brighton’s reputation as one of Melbourne’s premium lifestyle destinations.” 

The shops features proximity to a range of tenants, including Australia Post, Flight Centre and Palace Cinemas, as well as a number of popular local businesses and hospitality venues.

Further medium and high-density developments are also planned in the vicinity, including on Bay Street itself. 

Mr Talbot said buyers were still "very keen" to acquire well-located properties along Melbourne's shopping strips.

Similar to this: 

Fitzroys sell former Westpac bank for $2.46 million in Lalor, Victoria

Race to vacant retail assets hits Melbourne’s inner city as Bay Street space sells for $1.31 million

Record yield from $2.66 million Melbourne pharmacy sale