LOCAL LANDS BOUTIQUE LT COLLINS BUILDING
Posted on 02 September 2015
A LOCAL buyer has purchased a boutique commercial property in Little Collins St in Melbourne's CBD for $9.5 million.
Vinci Carbonse's director Frank Vinci negotiated the sale of 362 Little Collins St on behalf of Patricia Ilhan, who is reinvesting the money in more substantial assets, which Vinci Carbone are advising her on.
Located adjacent to the Brookfield's 405 Bourke St development, the four storey refurbished building is leased to Flight Centre on the ground floor with the upper floors let to a number of professional businesses.
The property is currently returning circa $400,000 per annum gross and is believed to have sold for a yield of less than 4% on net rent.
Frank Vinci said the four week marketing campaign generated interest from over 100 parties including several from offshore.
“We are receiving about 20 new enquiries a week across the board from Asian based investors and developers and just cannot get enough stock to even satisfy a small percentage of this demand." Frank Vinci said.
Vinci Carbonse's director Frank Vinci negotiated the sale of 362 Little Collins St on behalf of Patricia Ilhan, who is reinvesting the money in more substantial assets, which Vinci Carbone are advising her on.
Located adjacent to the Brookfield's 405 Bourke St development, the four storey refurbished building is leased to Flight Centre on the ground floor with the upper floors let to a number of professional businesses.
The property is currently returning circa $400,000 per annum gross and is believed to have sold for a yield of less than 4% on net rent.
Frank Vinci said the four week marketing campaign generated interest from over 100 parties including several from offshore.
“We are receiving about 20 new enquiries a week across the board from Asian based investors and developers and just cannot get enough stock to even satisfy a small percentage of this demand." Frank Vinci said.