Multiple offers received for leased investment property.
One of Beaufort Street’s landmark buildings has sold for $3.25 million and with a yield of 5.5 per cent in a transaction negotiated by Colliers International.
The building at 519 Beaufort Street, which is leased to popular restaurant Must Winebar, was purchased by a private investor.
Selling agents Tim Scott and Tory Packer said there was strong competition to buy the 394sqm character building with multiple offers received during the campaign.
“Building sales are rare on this popular stretch of Beaufort Street so we were expecting strong interest in this property and we priced it accordingly,” Mr Scott said.
The Highgate building occupies a 381sqm site with a 10m frontage to Beaufort Street. It also has a right of way on its rear boundary.
Ms Packer said the pricing, an established tenant and the property’s income and prime location contributed to the level of interest in the sale.
“Buyers are seeking quality, leased assets and demand is especially strong for properties under $5 million so there was a lot of competition for 519 Beaufort Street,” Ms Packer said.