08/06/2023
SOLD | $4,540,000 | 3.00% BENCHMARK PRIME YIELD
Emmetts are delighted to announce the successful sale of 264-266 Toorak Road, South Yarra VIC 3141.
We are pleased to report that there is very strong demand for well-located retail investment property in Melbourne’s prime markets.
We are also seeing a significant increase in internationally-originated private capital in the market and private investors who are taking a long term view on both the relative cost of capital and rental growth.
264-266 Toorak Road, South Yarra last traded approximately 18 months ago for $3,295,000.
Our team’s hands on pre-sale asset management advice, our depth of knowledge on the local occupancy market and our award winning marketing were instrumental in achieving a 37% pricing uplift to $4,540,000.
Three passive investors competed for the property under auction conditions, with the sale pricing being $740,000 above reserve. Based on the renewed 6 year lease from May this year, the 3.00% net yield sets a market benchmark.
For further information, please contact your leading team in Melbourne’s private client capital markets.
To discuss this transaction in further detail, please contact:
Charles Emmett+61 402 358 069
[email protected]
Xander Yeo +61 487 656 141
[email protected]