849 Burke Road, Camberwell
Demand for retail assets throughout Boroondara has delivered yet another strong sales result, demonstrating investors’ ongoing appetite for well-located Melbourne shopping strip properties in healthy catchments.
In the most recent deal in Melbourne’s inner-east, Fitzroys agents Chris James and David Bourke sold the two-level building at 849 Burke Road, in the prime section of the popular retail precinct, for $1.675 million at a sharp 4% yield.
The two-level 185sqm building is on a 185sqm site and is home to the Camberwell Sewing Centre, which occupies both floors on a five-year deal running until 2020 with a further five-year term.
It is positioned opposite the Burke Road walkway entrance to Camberwell train station, as well as Woolworths, Target, Optus, and Bonds.
James said the property sold to a Sydney-based investor after more than 100 enquiries were received for the property from across the country.
“This campaign continued a strong run of retail property enquiry and sales results across Boroondara, which reflects confidence in the area’s revitalisation, spurred by a strong residential development pipeline.
“These developments have underpinned enquiry from investors, owner occupiers and tenants alike through the inner-east, providing growth in the immediate catchment and boosting trade in the area.”
Among these are plans for a development next door that will retain the frontage of the historic State Savings Bank building and take in the adjacent Sofia restaurant site, and introduce 43 apartments, a restaurant, café and wine bar to the immediate vicinity.
Throughout the inner east, Fitzroys has recently sold the Hawthorn home of Sisko Chocolates to a local investor at a sharp 3.5% yield, for $1,357,500, following the sale of a shop and dwelling at 265 Camberwell Road, Camberwell for $1.425 million, at a tight 3% yield after more than 100 enquiries.
Other recent Fitzroys sales include an Auburn Village corner site in Hawthorn East to a local investor for $2.525 million, at a 4% yield after more than 80 enquiries, and the landmark 1885 building now home to Meat & Wine Co. on the corner of Burke Road and Riversdale Road overlooking Camberwell Junction for $4.75 million, at a 4.05% yield.
Last year, the agency also sold 171-173 High Street building of 332sqm in Kew, home to Flight Centre and Onyx homewares for $4.175 million, at a 3.9% yield; as well as the Cam’s Corner café at 387 Camberwell Road at a 4.1% yield.