Gross Waddell ICR announce the successful sale of the iconic former bank building turned popular local café located at 104 Fletcher Street, Essendon.

The property, which went under the hammer at auction on Wednesday, March 20th, 2024, fetched an impressive price of $2,240,000 with a yield of 3.9%, marking a significant milestone in the Essendon commercial property market.

This unique investment opportunity, offered for sale via Auction, garnered substantial interest and enthusiasm from investors and buyers alike.

Situated at the bustling intersection of Napier Street and Fletcher Street, in the heart of Essendon, the property boasts an enviable location just a stone's throw away from Penleigh and Essendon Grammar School, Windy Hill Football Oval, and Essendon train station, offering unparalleled accessibility to Melbourne's CBD and major freeways.

The building, spanning two levels and occupying a prime corner position, currently houses the renowned Assembly Ground café, known for its exceptional service, delectable food offerings, and premium coffee. With a secure lease term of five (5) years and further options totalling 20 years, the property presents a stable investment opportunity.

The sales campaign generated significant interest, resulting in over 100 enquiries and 20 inspections, showcasing the widespread appeal and desirability of this prime investment.

This transaction exemplifies the strong demand for premium investment opportunities in prime locations, further solidifying Essendon's position as a sought-after destination for savvy investors.

The sale was conducted by Raff De Luise and Julian Materia from Gross Waddell ICR.

Related Reading:

Coles anchored freestanding Coles supermarket Essendon for sale by Stonebridge

Brighton Childcare Centre sold by CBRE for $17.5m adds to Australia’s list of largest ever childcare transactions

Historical Gothic Church sold by Cantwell Property & Burgess Rawson

High-profile Melbourne shopping strip asset sold on passing net yield of 1.8% by Fitzroys