INVESTOR PUTS 7.6M UNDER MATTRESS SHOP
Posted on 09 March 2017
A FITZROY showroom property on inner Melbourne’s high profile corner of Nicholson Street and Alexandra Parade has sold under the hammer for $7.65 million.
The two-storey building at 368-370 Nicholson Street is leased to a franchisee of Snooze bedding on a five-year deal from 2016 with options, with the roof leased to APN signs. Total return is $327,000 per annum net, with the sale price reflecting a 4.2% yield.
The property is on a 1,555sqm site and has a floor area of 1,766sqm.
Joseph Carbone and Frank Vinci of Vinci Carbone sold the property, which generated more than 100 enquiries and saw five bidders competing at auction.
The two-storey building at 368-370 Nicholson Street is leased to a franchisee of Snooze bedding on a five-year deal from 2016 with options, with the roof leased to APN signs. Total return is $327,000 per annum net, with the sale price reflecting a 4.2% yield.
The property is on a 1,555sqm site and has a floor area of 1,766sqm.
Joseph Carbone and Frank Vinci of Vinci Carbone sold the property, which generated more than 100 enquiries and saw five bidders competing at auction.