Melbourne-based investor snaps up CBD retail property

NEW OWNER: Specialty Fashion Group’s Rivers, Millers and Crossroads labels occupy the building recently sold to a Melbourne-based investor. Picture: DARREN HOWE
NEW OWNER: Specialty Fashion Group’s Rivers, Millers and Crossroads labels occupy the building recently sold to a Melbourne-based investor. Picture: DARREN HOWE

A Melbourne-based investor has purchased a property on Mitchell Street for $1.57 million.

The purchase is a shot in the arm for a shopping precinct which has been vacated by a number of businesses in recent times.

Specialty Fashion Group currently occupies the building on 19-21 Mitchell Street on a $110,000 per annum lease.

Selling agent Chris Kombi said there was national and international interest in the two-level property 

The four-year lease agreement – with the option of another four – on the property was a huge selling point, according to Mr Kombi. 

It’s understood the purchaser is happy to hold onto the property as an investment and weigh up future options.

“The purchaser was looking to capitalise on the good yield on offer, and will place it in their self-managed super fund as an investment,” Mr Kombi said.

“The strong inquiry was generated by the attractive price point for a CBD corner building of this size in a city tipped to undergo high population growth."