TWO ADJOINING SHOPS

Agents of Vinci Carbone are currently marketing a retail investment opportunity, at shops 2 and 3, 529 Chapel Street, South Yarra. The adjoining shops are located on the western side of Chapel Street between Arthur and Oxford Streets, and are leased to General Pants Co, who tenant the site under a new 1O-year lease that commenced last November. The store is one of 42 that they run throughout Australia. The premises are 214 square metres in area with two car spaces. The site returns approximately $300,000 per annum plus outgoings and there is fixed annual rental growth of 4 per cent per annum. The site goes to auction on Friday 23 March at 12.00pm, when a sale price circa $5 million is expected. This will represents a yield of 6 per cent. "The property's extensive frontage of over 10 metres allows the tenant to benefit enormously from what is one of Melbourne's most recognised and successful retail locations," selling agent Joseph Carbone said.