This article is from the Australian Property Journal archive
A SUBSTANTIAL freehold building in Melbourne's bayside suburb of Mentone has changed hands for the first time in 12 years for $3.5 million, in a sale negotiated by Fitzroys and MP Burke Commercial.
The agents sold the property at 2-4 Como Parade West Mentone to a local investor, on behalf of a syndicate.
The part single and two-storey building comprises 805 sqm on a 788 sqm site. The site is within the Mentone Village retail and commercial centre and backs onto a council carpark and Woolworths supermarket.
The property is leased to Scicluna’s Real Food. The Scicluna family established the business in Mentone 45 years ago, and now have five outlets throughout Victoria. Zoned Commercial 1, the property was sold subject to a new 5+5+5-year lease, returning an estimated $211,000 per annum plus outgoings.
Fitzroys agent Mark Talbot said the property attracted interest from local and interstate parties.
“In recent times there has been a number of redevelopments undertaken in the Mentone Precinct in close proximity to the subject property, which has principally taken the form of medium density mixed use developments, all of which further add to the vibrancy of this popular location,” he added.
MP Burke Commercial agent Pat Burke said the property occupies a central location on a prime site in Mentone Village, in what can be described as one of the most high profile retail positions along Como Parade West.
Australian Property Journal
