George and Heidi Koumantatakis sell iconic Chapel Street store for over $7.5 million

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The Commonwealth Bank branch on Chapel Street in Prahran, Victoria, has changed hands for just over $7.5 million, on a record tight yield of 3.3 percent.

Records show hospo entrepreneurs George and Heidi Koumantatakis had owned the property and its neighbour, leased by Priceline, for over 20 years.

Emmetts boss, Charles Emmett, who struck the deal, said he fielded interest in both properties from parties in China, Hong Kong, Taiwan, South Africa and across Australia.

The buyer is a local, as yet undisclosed, investor.

Despite bank’s continuing to shut down branches on suburban shopping strips, investors are attracted to the branches on the major strips, which also hold potential for capital growth.

Source: Sydney Morning Herald.

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