Gross Waddell ICR is pleased to announce the sale of 4B & 4C Izett Street, Prahran.
A crowd of circa 50 people attended last Thursday’s auction and saw 2 bidders compete for the property which sold for $2.2 million, representing a yield of 3.97%.
The key features of this high exposure corner retail investment include:
- Leased to the long-established Prahran icon Babble Bar & Café
- New 5 + 5 year lease
- Rental $87,500 p.a. net* as at 1st May 2022
- Unique building of 115 sqm* - Building rate: $19,130 psm*
- Total landholding of 200 sqm* - Land rate: $11,000 psm*
- 6 on-site car spaces
- Located within the heart of Prahran’s major retail and restaurant precinct and only metres from the vibrant Greville and Chapel Streets
Alex Ham commented, “the auction campaign generated significant enquiry seeing the property being purchased by the tenant Babble Bar & Café, a Prahran institution having traded since 1992”.