Banner Top
As seen in the Source link, written by on 2020-01-09 14:48:20

An Aldi leased supermarket on the ground and first floor of a podium connecting the 36-storey Milano apartment tower and 46-level Verve complex, sold at auction last month for $11.525 million.

The 1650 square metre retail asset at 8 Franklin Street traded on a 4.7 per cent passing yield.

The investment includes 44 car parks which the marketing agents said could provide a future income stream.

Aldi is on a 10 year lease with options.

Local developer PDG constructed the Milano and Verve
apartment buildings in 2006 on what was once part of Ansett Airlines’ office.

Car rental groups Avis, Budget and Hertz, Melcorp Real Estate, an Audi car showroom and indoor rock climbing centre occupy other spaces within the multi-level podium at the south west corner of Victoria Street and north west corner of Swanston Street.

The property is two blocks away from each of the Melbourne Central train station and Queen Victoria Market.

The Aldi asset was offloaded by private investors who paid $5 million for it in 2009.

Colliers International marketing agents Oliver Hay, Daniel Wolman and Chris Ling said the investment is in one of Australia’s most densely populated pockets near RMIT University and University of Melbourne.

A train station known in planning circles as CBD North, but to be called State Library, part of the $11 billion Melbourne Metro Tunnel project, is under construction across the road.

The asset includes 44 undercover car parks.
The Franklin Street property occupies the ground and first floor of a podium also facing Swanston and Victoria streets.

Share or Recommend article

About Us

The ReReport aims to continuously bring you exclusive content as well as stories from your favorite news sources for all things property.


Our mission is to create dialogue through important topics and current affairs that not only keep people informed, but also inspire them to engage, learn and usher in a better tomorrow.

Contact us

Get Latest Updates