Surging residential development throughout Melbourne’s north-west growth corridor has attracted interest from a broad range of retail property investors for a securely leased Caroline Springs asset, which has been snapped up before the deadline close date.
The impressive 100sqm property has a secure five-year lease with a five-year option to restaurant Dal Roti Boti that returns $42,640 per annum plus GST.
Niyaz said the property attracted more than 55 enquiries from experienced private investors, self-managed super fund investors, and newer entrants to the market.
“The range of investor types that showed interest reflected the strong fundamentals of the asset, leading to a sale before the deadline close date.
“Investors are looking for well-located, securely-leased Melbourne retail properties that present solid income-producing opportunities in the low interest rate environment. The property offered also a good-quality fit-out, and a high profile position within one of Australia’s strongest growth corridors, underpinned by surging residential development and affordable housing.”
Part of a relatively new neighbourhood retail strip that includes national retailers including Pizza Hut and Jetts, the property has a prime retail presence fronting the intersection of Hume Drive and Gourlay Road, and is positioned opposite the Taylors Hill Village shopping centre which is anchored by Coles, Liquorland and KFC.
Niyaz said a tract of land adjacent to the the property is zoned General Residential, boosting the immediate catchment and further enhancing future trade prospects for the area.
According to research house .id, the City of Melton’s population will see a high rate of growth in the long-term, including a massive 5.00% annual rate to 2026, taking its population from 164,985 to 229,298 by 2026, and more than double of that by 2051.
Niyaz and Fitzroys colleague Chris James recently sold the nearby premises of Mr Dosa at 110 Gourlay Road for $750,000, with the exceptionally fitted-out restaurant building attracting a first-time investor to the retail property market, following another campaign that also generated more than 50 enquiries.