This article is from the Australian Property Journal archive
A NEW retail development at 305 High St Ashburton in Melbourne’s south eastern suburbs has leased all five premises.
Gray Johnson leasing agent Ben Evans said the original KFC restaurant building was demolished and the owner has constructed the five new retail shops.
The largest of the sites comprising 140 sqm of showroom space known as Shop 5 has been leased for $480 a sqm on a five year plus five year option to Every Battery — a retailer of batteries, chargers and solar panels. The commencing annual rental is $68,160 net.
Shop 1 of 113 sqm has been leased to St Vincent’s Pathology, a unit of St Vincent’s Hospital, to establish a new pathology laboratory service. The lease is also for five years with a further five year option at a commencing net annual rental of $50,850.
Shop 2 in the development of 116 sqm has been leased to Audio Clinic, part of a national hearing testing group, at a commencing net annual rental of $50,000 on a five year plus five year option basis.
Shop 3 also of 116 sqm is leased to Lily Infusion Weddings, a bridal boutique and wedding planner on a three year lease with two further three year options also at a commencing net annual rental of $50,000.
Shop 4 also of 116 sqm is leased to an up-market café operator trading as The Oak Room on a six year plus six year lease basis with a commencing annual rental of $50,000.
“The total annual rental from all five leasings exceeds $269,000 and the new development is in a strong position on the eastern end of the highly regarded High St Ashburton retail and services strip,” Evans said.
Australian Property Journal
