The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterMon 17 Oct 16

Hot Contest For Irreplaceable Chapel Street Trophy

125-131-Chapel-Street-Windsor_620x380

A prominent two-storey retail asset at the Windsor end of Chapel Street sold under the hammer for $14.96 million.

Colliers International’s Tom Noonan and Ben Baines, in conjunction with Hocking Stuart Commercial’s Kenny Oliver and Charles Carty and ASM Commercial’s Andrew Manos, auctioned the high-profile building at 125-131 Chapel Street, kicking off the bidding at $11 million in front of a 200-plus lunchtime crowd, with four parties vying for the prize.

After almost 30 minutes and 74 bids, the building was knocked down to a local private investor, who joined the fray late at the $13.8 million mark.

The property was then fought over in the final stages to almost $2 million over reserve with $10,000 increments.

“The record sale is reflective of the significant capital targeting premium retail investments in prime strip locations with long-term growth prospects,” Mr Noonan said.

“The campaign received more than 150 inquiries and the ultimate purchaser was attracted to the future rental upside and expansion potential.”

Mr Baines said it was only the third $10 million-plus sale to occur on Chapel Street in the past five years, following the sale of of a property at the corner of Toorak and Chapel Street, South Yarra ($12.85 million) in 2013 and Hudson House at the corner of Chapel and Carlton Streets in Prahran ($10.8 million) in 2014.

The property is 100% leased to a diverse mix of retail tenants, including Mad Mex, Kuma Sushi, Basilico and Lucky Liquor, as well as first-floor office tenants Reymond Communications and Yoga Australia.

Mr Carty said the vendors purchased the asset for $3.2 million in 2007.

“They have seen Chapel Street, Windsor transform from an eclectic mix of fashion and service retailers to a thriving food and entertainment precinct,” he said.

“A number of Melbourne’s most popular restaurants have all located there, including Hawker Hall, Mr Miyagi, Tokyo Tina, The Smith, Saigon Sally and Morris Jones.”

Mr Baines said the continual gentrification of Chapel Street, Windsor was expected to provide the purchaser with strong positive rental reversion well into the future.

RetailAustraliaFinanceReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
Going private means plans to focus on logistics and data centres across the Asia-Pacific region can accelerate, ESR says…
LATEST
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/hot-contest-irreplaceable-chapel-street-trophy