This article is from the Australian Property Journal archive
A WRAP up of commercial property investment opportunities across Australia.
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Retail
Melbourne, VIC
A retail freehold on Bourke Street in Melbourne CBD’s going under the hammer, providing high exposure and branding potential to the large count of daily pedestrian traffic.
The 200 sqm retail freehold at 171 Bourke Street has an 8.9-metre street frontage and is leased to restaurant Thai Tide until 2026 with no additional options, and generates an annual net return of $156,000.
Colliers agents Matt Stagg, Nick Garoni, Travis Keenan, and Yvonne Zhou have the listing. The property will go to auction on Thursday, 19th September at 12pm.
Stagg anticipated interest will come from traditional Melbourne CBD investors, with the east end specifically targeted by high net worth investors and family office buyers.
Strong interest from Asian investors and hospitality owner-occupiers given the property’s prime location being nestled within A 24/7 hospitality precinct, THE theatre district and Chinatown, Zhou added.
Behind the site, construction is nearing completion of 189-room hotel Melbourne Place, which will activate the rear laneway with new retail and the potential to unlock additional retail income streams at the property through rear retail activation, or rooftop expansion.
“The east end hospitality precinct continues to see the lowest retail vacancy rates in the CBD and the highest amount of buyer enquiry, due to the continued investment from hospitality operators taking advantage of high night-time visitation into this end of the city,” Keenan added.
Brighton, VIC
Auburn, NSW
A prominent corner site leased to Westpac Auburn has hit the market for the first time in 23 years.
The recently refurbished two-level freehold at 22-24 Auburn Road spans 715sqm and was purpose-built and owned by Westpac until it was sold in 2001.
The property sits within close proximity of the Parramatta CBD and is within walking distance of Auburn Railway Station and Auburn Central.
Robert Dowdy from CBRE is managing the sale for the property, which will go under the hammer on 24 September 2024.
“Auburn has become a hive of activity in recent years as highlighted by two recent sales, the $129.5 million sale of Auburn Central to SCA Property Group and the Centrelink Auburn which traded for circa 3% yield,” said Dowdy.
Surrey Hills, VIC
A retail shop in Melbourne’s east that has been home to Surrey Hills’ only dry cleaner, operated by popular local Tony “Chachi” Chiodo, is going to auction with vacant possession.
Ian Angelico and Jarrod Moran of CVA are marketing 150 Union Road for sale on behalf of long-term owner-occupier since the early 1980s, Saville Row Prestige Dry Cleaners.
The property includes a ground-floor retail space along with a three-bedroom residence with its own separate access, and a secure double garage that can accommodate up to four cars.
A short walk away are Coles Local and the new Union railway station, and the property is a few minutes from Canterbury Road.
“This property is more than just a space; it’s a community landmark with endless possibilities for the future,” Angelico said.
