Prominent South Yarra ex-Mecca store, signs for sale
A high-profile South Yarra investment – set to become even more prominent when it forms the apex of a proposed public plaza – will be auctioned next Wednesday.
At 166 Toorak Road, opposite South Yarra station, the double storey retail and office building is expected to sell for more than $3 million which would reflect a fully-let c9.5 per cent yield.
The offering is unusual in that it derives two thirds of its annual income – about $208,500 – from two rooftop signs which stare down a rail overpass to drivers travelling west on the street from Punt.
The 140 square metres of contemporary floor area has the potential to earn an additional $110,000, per year.
Presently vacant, the property, which once accommodated Mecca’s first Australian store, could also be occupied or part-utilised by an incoming buyer after redesigning it for two tenancies.
Trophy property, unparalleled location
Emmetts’ Charles Emmett, who is marketing 1/166 Toorak Rd with Andrew Milligan and MMJ Real Estate’s Joel Wald, described the location as future proof.
“The property offers unparalleled exposure,” according to the executive (story continues below).
“It is also near several major projects expected to drive further pedestrian traffic around the South Yarra station,” he added.
Amongst these is a triangle shaped piazza Vicland plans to develop on airspace over rail lines next door to 1/166 Toorak Rd.
Across the road, Oreana Property Group is intending a major hospitality based project on a collection of sites it acquired in two tranches last year.
“The 166 Toorak Rd property also fronts Lovers Walk, which whilst temporarily closed because of a rail upgrade, is the fastest pedestrian route between South Yarra station and the Jam Factory, which is set to undergo a $1.5 billion refurbishment and extension, with apartment and office towers, a hotel, additional retail and an amphitheatre,” Mr Emmett said.
That development, he added, being delivered by Newmark, Gurner and Qualitas, is upon completion expected to substantially increase the footfall along Lovers Walk, directly past 1/166 Toorak Rd.
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