This article is from the Australian Property Journal archive
AN offshore investor has snapped up a prime Toorak Village retail property for $1.848 million.
Fitzroys’ Michael Ryan and Charles Emmett sold the shop at 462 Toorak Rd, Toorak at auction.
Ryan said there was strong interest from local and international investors.
“The well-attended auction saw two bidders competing, with the property ultimately sold to an offshore investor,” he added.
Zoned Commercial 1, the single level property has a building area of 123 sqm and it was offered subject to a seven-year lease with a further seven-year term to Higgovale Fashion Distribution (HFD), a highly experienced multi-brand retailer trading as well regarded fashion retailer Christensen Copenhagen, and currently returning $103,415.50 p.a. plus GST.
HFD has over 20 years of wholesale and retail experience, supplying over 150 multibrand boutiques including major department stores David Jones and Myer, making it one of Australia’s largest and most well renowned wholesalers. The agency also acts as a distributor for international brands.
Emmett said Toorak Village’s status as a premium neighbourhood retail strip centre, with one of Australia’s most prestigious and wealthiest suburbs forming its primary catchment, naturally led to wide interest in the property.
Property Review
