$3.75 million paid for Sth Yarra warehouse

An owner-occupier has paid $3.75 million for a warehouse in Melbourne's inner east.

The property, on 56 River Street features a 250 square metre building on a 371 square metre site zoned Commercial 1. It has two street frontages and on-site parking and was sold on a land rate of $10,135 sqm through Teska Carson.

According to Teska Carson’s Matt Feld, the property was sold subject to a short term lease at $44,950 per annum .

"A property with two street frontages in such a strong location was very attractive from a development perspective but the property also held strong appeal for owner-occupiers and investors," he said.