Paul Solomon takes Beller House at $22.2m

Beller House

A Melbourne buyer, believed to be businessman Paul Solomon (title search), has snapped up Melbourne’s landmark Beller House in Balaclava for $22.25 million on a sub 4 per cent yield in what is understood to be a long term land banking play.

At almost $4 million more than the $18.5 million paid for the property in late 2015, the sale represented more than $8000 a square metre on land and $7000 per square metre on the building, it was sold subject to 18 tenancies contributing to an annual rental income of circa $1.09 million.

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CBRE National Director Mark Wizel, who brokered the deal with the CBRE Strip Retail Investments team of Rorey James and Nathan Mufale in conjunction with Gross Waddell’s Michael Gross and Benjamin Klein, confirmed the sale but was not at liberty to comment.

Located at the entrance to the vibrant Balaclava retail strip in the heart of Melbourne’s Jewish community the 281A -289 Carlisle Street property comprises a two and three-level retail and office building of 3132 square metres on a 2720 square metre site zoned Commercial 1.