Smiggle, Church Street, Brighton investment sets record commercial land rate

A new land rate record has been set in the retail precinct of Church Street, Brighton.

Mark Talbot and David Bourke of Fitzroys sold 67 Church Street (pictured above) for $2.41 million at auction.

The sale price reflected a land rate of $39,000 per sqm.

It sold on a sharp yield of 3.2%.

The property has a two-level 110sqm building with among other leases, a five-year lease to international stationery company Smiggle, part of ASX-listed Premier Investments, which has a $2.5 billion market capitalisation.

The auction campaign attracted more than 90 enquiries from local and offshore investors and owner occupiers.

He said Smiggle has occupied the building for close to 15 years.

Talbot said Church Street, Brighton is a thriving shopping precinct and includes most of Australia’s new and established fashion operators.

Fitzroys research shows Church Street’s vacancy rate tightened to 1.3% over the past 12 months.

“We also received a large volume of interest from owner occupiers looking to give themselves an opportunity in future to operate out of a prized Church Street retail space,” he said.

Talbot and Bourke sold 67 Church Street on behalf of a private family.

Last year, Talbot sold the shop and dwelling freehold at 83 Church Street (pictured below) last year for $3.08 million, at a precinct record yield of 1.9%.

It marked the first time the property had been offered for sale in 45 years.