Melbourne’s famous Lygon Street is set for a very rare retail freehold auction in the prime of the dining, lifestyle and retail strip.
The 345sqm part single level and two-storey building comprises open-plan ground floor accommodation with rear staircase providing access to a first floor office
Zoned Commercial 1 and on a large 544sqm site, the property commands a central position within the prime of the iconic retail, restaurant and lifestyle precinct, and the offering with vacant possession provides a rare opportunity to secure a Lygon Street property for occupation and or value-add potential.
“We’re expecting strong interest from value add buyers, owner-occupiers, and buyers looking to repurpose. Lygon Street is very tightly held. The opportunity to acquire a freehold in the prime of Melbourne’s most celebrated dining and retail strip is incredibly rare,” Niyaz said.
“Buyers will note the strong performance of the prime of Lygon Street over the past two years, while the return of students to the nearby education precinct, and of strong night-time and weekend hospitality visitation have all had a profound flow-on effect to daily trade.”
The property is located between Grattan and Elgin Streets and is surrounded by a vibrant array of cafés, restaurants, bars, retailers and entertainment venues including DOC, Brunetti, Mecca, Seed, Grill’d, Vintage Cellars, Readings, Ti Amo, Heartattack and Vine, King and Godfrey, Woolworths, Sportsgirl, Country Road, and Cinema Nova, among many others.
“Longer-term, the rapid growth of Carlton to accommodate and encourage student and residential apartment developments for the influx of professionals and young families is set to underpin stronger trade throughout all hours,” Bourke said.
“The area has received a significant amount of investment from developers and the City of Melbourne, in an effort to keep up with the demand for amenities and accommodation from residents and businesses.”
Bourke said the prime section of Lygon Street has endured the COVID period quite well.
“Lygon Street has also seen a new generation bar, restaurant and food and beverage operators bring a fresh twist to the area, and demand for more distinct offerings has enhanced its unique character.”