168 Bourke Street, (cnr Russell Street), MELBOURNE
Raoul Salter and Michael Gross of Gross Waddell have sold 168 Bourke Street, Melbourne via an Expressions of Interest for $18,210,000.
With a net lettable area of 737m² and a passing income of $383,232 this trophy corner location in the heart of Chinatown was snapped up following an on market EOI. Fully let, the property has the potential for income of $600-650K per annum on a fully let basis. The ground floor tenant is well-established food retailer Nandos.
Significant interest in the property came from both ‘on-shore’ and ‘off-shore’ buyers with the eventual purchaser being a local investor keen to secure a superbly located asset.
“The property sold for almost $50,000/m² of land and a very tight yield of 2% on the passing income. This suggests that demand for quality assets remains unabated,” commented Raoul Salter of Gross Waddell.
Raoul Salter of Gross Waddell, also commented, “168 Bourke Street achieved an outstanding result highlighting the fact that quality property always attracts significant interest as is the case with 168 Bourke Street, superbly located on a high profile corner at the tightly held eastern end of the CBD.”