81 Errol StreetNorth Melbourne VIC 3051
Property Details for 81 Errol St, North Melbourne
Last Listing description (November 2021)
** SOLD **
Gross Waddell ICR is pleased to offer this bustling inner-city retail investment located on the ever popular Errol Street as part of the 'Signature Auction Portfolio'.
https://gwicrsignatureauctionseries.com.au/
Prime single-storey retail freehold investment and leased to a long standing tenant; Snax Cafe
Net income of $64,383* per annum with fixed 3% annual increases
New 3 x 3 year lease
Established food and beverage operator
High profile position near corner of Errol Street and Queensberry Street and adjoining 7-Eleven
Benefitting from rear land access and resides on 116 sqm* of Commercial 1 Zone (C1Z) land
Less than 1km* from Melbourne's CBD and close to the Arden Urban Renewal Project, a 50ha* precinct which aspires to accommodate approximately 34,000 jobs and 15,000 residents (source: City of Melbourne)
A huge array of Melbourne's most sought after cafes, restaurants and gentrified pubs are within close proximity
Outstanding connectivity to the Medical and University precincts which will be further enhanced with the new metro tunnel linking North Melbourne to the wider Melbourne region
North Melbourne is a city fringe jewel and boasts a median house price of $1,500,000 and a 14.7% quarterly price growth (source REIV)
The property is to be sold via Public Auction as part of the 'Signature Auction Portfolio' and held at Leonda by the Yarra from 11 am on Thursday the 25th of November 2021. For further information or to organise an inspection, please contact Gross Waddell ICR directly.
*Approx.
Property History for 81 Errol St, North Melbourne, VIC 3051
- 25 Nov 2021Sold for $1,550,000
- 28 Oct 2021Listed for Sale Contact Agent
- 10 Sep 1981Sold for $85,500
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About North Melbourne 3051
The size of North Melbourne is approximately 2.4 square kilometres. There are 12 parks, covering nearly 4.7% of the total area. The population of North Melbourne in 2016 was 14940 people. By 2021 the population was 14953 showing a population growth of 0.1% in the area during that time. The predominant age group in North Melbourne is 20-29 years. Households in North Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in North Melbourne work in a professional occupation.In 2021, 33.00% of the homes in North Melbourne were owner-occupied compared with 28.50% in 2016.
North Melbourne has 12,777 properties. Over the last 5 years, Houses in North Melbourne have seen a -8.72% decrease in median value, while Units have seen a -4.55% decrease. As at 30 April 2026:
- The median value for Houses in North Melbourne is $1,304,139 while the median value for Units is $515,667.
- Houses have a median rent of $750 while Units have a median rent of $600.
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