The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
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
OtherStaff WriterSun 31 May 15

Prime slice of Collingwood sells under the hammer

1

A retail shop occupied by renowned Collingwood butcher Jonathan’s has sold under the hammer for $1.79 million – setting a new price record on one of the suburb’s most prominent strips.

The 122 Smith Street sale, which marks the end of an almost 40-year era for the longstanding butcher, reflected a tight yield of 3.6 per cent and a land rate of just under $16,000 per sqm.

The purchaser was a local buyer and regular customer of Jonathan’s.

Established at the Smith Street site in 1976 by Jonathan Gianfreda, the business continues under the current management of Joe Mittica and Claude Barbon.

CBRE’s Rorey James, who steered the sale in conjunction with fellow agents Tom Tuxworth and Jackie Hanna, said the auction attracted a crowd of 160 people and a strong pool of potential buyers.

“Eight bidders, including four offshore, competed aggressively for the asset, with the first bid of $1.4 million meeting the vendors reserve, and from there nearly 80 bids were received, driving the price to $1.79 million,” Mr James said.

He added: “This strong interest is an indication that off-shore groups are becoming more aggressive and gaining even further confidence in investing outside of the Melbourne CBD. However, the result is yet another example of the local buyer market’s resurgence in 2015, despite a falling AUD and the effect this has had on buying Melbourne real estate for offshore groups.”

Ms Hanna added that the recent interest rate cut had stimulated the buyer market further, with an unprecedented amount of cash currently in the market for these strip retail properties.

She said the property’s appeal as a secure investment opportunity was a major drawcard, given the market’s aggressive appetite for income returning assets.

RetailAustraliaReal 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
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
The Dorcas Street project replaces demolished walk-ups with 131 modern apartments, the first step in a multi-stage redev…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/prime-slice-collingwood-sells-hammer