Bourke Street Hospitality Building Sells For $9.8 Million

According to the Australian Financial Review, a local investor has acquired a hospitality building in Bourke Street in Melbourne's CBD for $9.8 million on a passing yield of 3.3 per cent.

The four-level building at 59-63 Bourke Street, between Exhibition and Spring Streets, and is home to the Italian restaurant Spaghetti Tree and the Madame Brussells rooftop bar.

The property is located on a 1318sqm block directly opposite Florentinos and Pellegrinis and is close to the Southern Cross Towers and China Town.

The property currently generates a total rental income of $310,000 per annum.