A laneway retail property in Melbourne’s Chinatown has been listed for auction, providing a rare opportunity to secure a sub $10 million freehold property in the CBD.
CBRE Melbourne City Sales agents Julian White, Nathan Mufale, Alex Brierley and Chao Zhang have been appointed to sell the 22-26 Corrs Lane property, which offers three levels of retail space and a basement with a total lettable area of 962sqm.
Located on a circa 296sqm corner allotment, the property offers flexible floorplates and is leased to well-known hospitality tenants Fukuryu Ramen, Sichuan House and GR8 Karaoke Bar – providing a net annual income of approximately $225,669.
The building offers approximately 16.40 metres of street frontage in a laneway that serves as a key pedestrian thoroughfare connecting Lonsdale Street to the Chinatown precinct.
Mr White said the property was positioned to benefit from Charter Hall’s nearby $800m Wesley Place office development, which would deliver 55,000sqm of premium office space and drive further foot traffic and retail demand in the area.
“This emerging Chinatown laneway location is also set to benefit from the activation of the Corrs Lane carpark into a hospitality venue,” Mr White said, noting that the area was also home to some of Chinatown’s most successful restaurants, including Flower Drum and Hutong.
CBRE’s Mr Zhang noted that the forthcoming sale followed CBRE’s recent Chinatown transaction of Shark Fin House at 131 Little Bourke Street. The strata titled building transacted to a first time Malaysian investor for $14,500,000, representing a net yield of 3.58%.
“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,” Mr Zhang said.
22-26 Corrs Lane is will be auctioned on Thursday 13th June, 2019.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.