Crispy result for $13m Bourke Street deal
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Crispy result for $13m Bourke Street deal

A three-storey building leased to Asian restaurant chain 4Fingers Crispy Chicken in Melbourne's Bourke Street has sold for $13 million.

Opposite the Mid City Arcade complex and close to the Bourke Street Mall, the building which backs onto Donaldson Lane fetched a strong land rate of $65,657.

The property previously sold for $5.7 million in 2014 to a Sydney-based investor.

The property previously sold for $5.7 million in 2014 to a Sydney-based investor.Credit:Colliers International

Colliers International’s Oliver Hay, Daniel Wolman and David Sia handled the transaction.

Mr Hay said it was “highly competitive” process with many parties “eager to purchase".

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The property previously sold for $5.7 million in 2014 to a Sydney-based investor.

Real estate on Melbourne’s main shopping streets is tightly held, underscoring the sharp 3 per cent yield paid by a local investor for the property.

Bourke Street has recorded a string of similarly strong sales this year.

Another three-level trophy retail building, the oldest in the Bourke Street Mall at No. 274-278, sold earlier this year for an eye-watering sum above $45 million, at a land rate of nearly $250,000 per sq m.

The shop was leased to Austrian jewellery maker Swarovski and local shoe brand Windsor Smith.

Another notable Bourke Street jewel - an art deco building at No. 220 - changed hands in a marathon two-hour auction in April when rich lister Spiros Alysandratos fought off a rival bidder to snare the property for $15,205,000 at a land rate of $75,647 per sq m.

Property Editor at The Age and BusinessDay journalist for Fairfax's theage.com.au, smh.com.au, watoday.com.au and brisbanetimes.com.au.

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