A PRIVATE investor has snapped up a Hudsons Coffee property in the Melbourne CBD for $1.52 million at auction, on a 5.4% yield.
Located at 620 Bourke Street, Melbourne, the property is prominently located on the corner of Bourke St and King Streets adjacent to AMP’s Bourke Place building and one block from Southern Cross Train Station.
The 90 sqm property is leased to Hudsons Coffee on a five year term from April 2006 at $82,538pa with 4% fixed increases.
Selling agent Savills’ investment sales divisional director Joel Wald said the property had attracted strong interest as private investors had begun to come back to the market. The vendor was Indigo Group. Agents in conjunction were Kliger Wood.
The property was the second retail offering to be sold at 620 Bourke St to a private investor following the recent sale of another shop leased to 7 Eleven for $1.57 million on a 5.9% yield.
Propertyreview.com.au
