A retail premises home to Hugo Expresso Cafe located in the heart of the Melbourne CBD has sold for $1.2 million after eight days of its release to the market.

Savills Australia’s Benson Zhou, Nick Peden and Dorothy He sold the property located at Shop 3, 601 Little Collins Street, Melbourne and said the building accumulated significant local and off-shore interest.

“The property received many under bidders desperately aiming to secure the retail asset with a Chinese investor ultimately securing the property, “Mr Zhou said.

Hugo’s Expresso Café has held a 10 year lease and has the option for further extension, highlighting a solid investment opportunity for buyers.

“The property sold for $1 million two years prior to this sale, indicating significant capital growth within the asset,” Mr Zhou said.