Former Armadale Theatre building sold with Mossgreen tenancy
The former Armadale Theatre building in High Street, Armadale has sold for $10 million to a Melbourne investor after a marketing campaign that saw 10 plus offers.
The property, 926-930 High Street, adjoins Armadale train station.
It totals 1,400 sqm space.
It last traded in 2012 for $5.06 million. Previously, the building was occupied by art dealer Sotheby’s.
CBRE’s Retail Strip Investments team comprising Josh Rutman, Rorey James and Lewis Tong negotiated the sale. The property was listed in June.
Rutman said the international marketing campaign appealed to a mix of local and offshore investors.
They were attracted to the long-term lease, location and confidence in the Mossgreen business.
James said the significant capital appreciation - almost $5 million in less than 5 years - in such a short period of time highlighted the lack of blue chip investment properties available in the Melbourne market.
“This lack of supply coupled with low interest rates has driven yields down to their strongest levels in decades, particularly with the Melbourne strip retail investment market,” he said.
