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SALES & LEASING

Another Chinatown offering after strong sale

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A THREE-level laneway hospitality building in Melbourne’s Chinatown has been listed for sale, shortly after the strata-titled Shark Fin House restaurant traded for $14.5 million.

CBRE’s Julian White, Nathan Mufale, Alex Bierley and Chao Zhang are marketing 22-26 Corrs Lane, home to Fukuryu Ramen, Sichuan House and GR8 Karaoke Bar.

The 926 sqm building is on a 296 sqm corner site and offers around 16.4 metres of street frontage, and is being marketed as a rare opportunity to secure a sub-$10 million CBD freehold.

Corrs Lane serves as a pedestrian thoroughfare connecting Lonsdale Street to the Chinatown precinct, and White said the property was positioned to benefit from Charter Hall’s nearby $800 million Wesley Place office development, which would deliver 55,000sqm of premium office space and drive further foot traffic and retail demand in the area.

He added that the laneway location is also set to benefit from the activation of the Corrs Lane car park into a hospitality venue.

CBRE sold the premises Chinatown restaurant Shark Fin House earlier this month to a first-time Malaysian investor at a tight 3.58% yield.

“Shark Fin House represents the only Melbourne CBD retail sale year to date in the $5 million to $20 million price bracket, with significant pent-up local and offshore interest in quality investment opportunities,” Zhang said.

The Corrs Lane property goes to auction 13th June.

Australian Property Journal