Crispy result for $13m Bourke Street deal
A three-storey building leased to Asian restaurant chain 4Fingers Crispy Chicken in Melbourne's Bourke Street has sold for $13 million.
Opposite the Mid City Arcade complex and close to the Bourke Street Mall, the building which backs onto Donaldson Lane fetched a strong land rate of $65,657.
Colliers International’s Oliver Hay, Daniel Wolman and David Sia handled the transaction.
Mr Hay said it was “highly competitive” process with many parties “eager to purchase".
The property previously sold for $5.7 million in 2014 to a Sydney-based investor.
Real estate on Melbourne’s main shopping streets is tightly held, underscoring the sharp 3 per cent yield paid by a local investor for the property.
Bourke Street has recorded a string of similarly strong sales this year.
Another three-level trophy retail building, the oldest in the Bourke Street Mall at No. 274-278, sold earlier this year for an eye-watering sum above $45 million, at a land rate of nearly $250,000 per sq m.
The shop was leased to Austrian jewellery maker Swarovski and local shoe brand Windsor Smith.
Another notable Bourke Street jewel - an art deco building at No. 220 - changed hands in a marathon two-hour auction in April when rich lister Spiros Alysandratos fought off a rival bidder to snare the property for $15,205,000 at a land rate of $75,647 per sq m.
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