Grand former 1880s Clifton Hill bank sells for $4.5 million
A grand two-level freehold building in Melbourne’s highly sought-after inner north suburb of Clifton Hill has sold for $4.5 million.
The sale price reflected a 2% yield on the total income. It was originally the Melbourne Savings Bank and last sold in 2008 at $2 million.
Fitzroys agents Michael Ryan and James Gregson sold the property on behalf of a private vendor at a land rate of $6,521 per square metre.
The 690 square metre site has a wide 20.15 metre frontage to Queens Parade and rear right of way. It comprises a two-storey building of 300 square metres, featuring a fully-fitted restaurant ground floor with the first floor currently being used as a residence.
Zoned Commercial 1, it was sold with a lease to Taco Bill on the ground floor.
Ryan said the surrounding area has undergone significant transformation with numerous medium to high-density development being undertaken, further stimulating retail food and beverage service uses with the vicinity.