DEVELOPER Neometro’s recent $3.1 million purchase of two adjoining sites in Fitzroy’s Smith Street shows the underlying demand for non-traditional retail and commercial sites in Melbourne’s inner-north, agents say.
Nanjing Night Net

The sale of two rectangular land parcels at 9 and 11-13 Smith Street with a combined area of 727 sq m to Neometro follows the private sale of another Smith Street site, number 237, to local developer Mark Robertson for $3,615,000 earlier this year.

CBRE’s Alex Zent and Rory Hilton, who negotiated the deal with Neometro for a private vendor, said the site’s location and dual street frontage made it ideal for redevelopment. Economic uncertainty has not put off investors in the inner-north.

Colliers International agent Ted Dwyer said both the second and third quarters of this year had seen a large volume of on-market and off-market transactions.

Other key sales include:

■The Fabric Store in nearby Brunswick Street, which sold to local investor Glen Perriam at auction for $3.77 million, on a yield of 4.43 per cent.

■The home of popular live music venue, The Night Cat, at 137-141 Johnston Street, Fitzroy, which sold at auction for $4.63 million – $1.13 million over reserve, on a yield of 4.2 per cent.

■An Abbotsford hotel recently sold for $2.25 million.

“Investors are showing a great deal of interest in non-traditional retail – there is confidence in this kind of product because it is different,” Mr Dwyer said.

Numbers 9 and 11-13 in Smith Street were offered with vacant possession and are occupied by two adjoining, multi-level office buildings.

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