Brunswick West corner site sold for $1.89 million
A high-profile site on a corner position in Melbourne's north suburb Brunswick West has been sold for $1.89 million.
The sale price reflected a tight 4.6% yield, with the property leased to Bottlemart Express.
The 531 square metre block at 82-86 Melville Road and 250 Hope Street was sold Fitzroys agents Chris James and Ervin Niyaz to a local investor.
James said the campaign generated more than 70 enquiries from mostly developers and land bankers.
Zoned Commercial 1, the site has a shop and rear dwelling building totalling 450 square metres, and frontages to Melville Road, Hope Street and a right of way totalling 65 metres.
“Developers see value in Brunswick West due to the increased and ongoing development and the growing local population,” Niyaz said.
“The purchaser was particularly attracted to the corner block and value-add perspective, and liked the potential to carve up the shops into smaller tenancies and renovate the dwelling on Hope Street for the short-term."
According to population and demographics research house, .id, Brunswick West is in the middle of a population surge of 3.68% per annum that is well above greater Melbourne’s nation-leading rate.
James said the ongoing popularity of medium and high-density living across Melbourne’s inner-north has spilled across from Sydney Road and the Upfield train line through Brunswick.
“Residential developments recently completed and in various stages of planning and construction throughout Brunswick West are creating more demand for retail and services in the area, particularly along Melville Road, and the new owner of the property will look to capitalise on this,” he said.
“The property is situated amongst a vibrant neighbourhood precinct, notable lifestyle and retail tenants include Postmistress Eatery, Mister Troung’s, Foodworks and 7-Eleven, and is at the doorstep of the Route 58 tram stop, which offers services running through the hospital precinct and near Melbourne University and RMIT University and Queen Victoria Market through to the CBD.”
