RETAIL property activity in and around Melbourne’s Chinatown precinct is heating up, with a Russell Street building set to go to auction next month.
The offering of 274 Russell Street quickly follows the strata-titled Shark Fin House restaurant trading for $14.5 million, and the listing of 22-26 Corrs Lane, home to Fukuryu Ramen, Sichuan House and GR8 Karaoke Bar.
Colliers agents Oliver Hay, Chris Ling and David Sia are handling the auction campaign for the two-level, 175 sqm Russell Street asset, which goes under the hammer on 21st June. The partially leased investment is home to hair salon Q Hair on the ground floor, and is offered with a short-term lease ending July, allowing the possibility of vacant possession across the entire building.
Interest is expected from “high profile” local and international investors and owner-occupiers at $3.25 million-plus.
“The distinctive building is a strategic opportunity for investors/owner occupiers and developers to take full advantage of the building’s location and short-term leases,” Hay said.
“The property is ideal for real estate investors with value-add strategies, particularly those seeking to capitalise on the strong rents that can be demanded within the prestigious eastern end of the city,” Sia said.
He said the rear of the property has direct access to Hayward Lane and the asset includes the potential to activate the rooftop into a hospitality venue.
The building, which has been held in the one family since 2007, goes to auction on 21st June.
CBRE sold the premises Chinatown restaurant Shark Fin House earlier this month to a first-time Malaysian investor at a tight 3.58% yield, while the three-level, 926 sqm Corrs Lane goes to auction on 13th June.
Australian Property Journal