News

Investors Pursue High Street Prestige

Posted on 02nd December 2019

High Street Armadale 1123 Cropped 04

High Street, Armadale continues to deliver strong investment results, reaffirming its standing as one of Melbourne’s most prestigious shopping strips.

Chris Kombi and James Lockwood of Fitzroys sold the well-presented 170sqm single-storey building, home to Eternal Bridalwear, at 1123 High Street, for $1.945 million at a sharp 3.29% net yield.

The building has been refurbished to provide high-end retail accommodation throughout and has an outdoor courtyard and garage that provides secure parking with access via a wide right of way off Huntingtower Road.

Established tenant Eternal Bridal has a 3+3-year lease.

More than 110 parties made enquiries during the campaign, which Kombi said reflected the high esteem in which High Street continues to be held in.

“High Street, Armadale is home to an enviable range of notable designers and retailers and a growing suite of popular hospitality operators and is supported by one of Melbourne’s most affluent and prized catchments,” he said.

The shopping strip’s strong catchment and inner-city location has attracted high-end independent, national and international retailers, with ACNE Studios, Carla Zampatti, Zimmermann, Scanlan Theodore, Mecca Cosmetica and Aesop all located in the prime section, as well as the bespoke store of H&M’s upmarket sister label Cos.

Fitzroys recently leased 1015 High Street to high-end national skincare group Rationale, as well as Level 1, 1062 High Street to bridalwear icon Bernadette Pimenta Couture, with the popular Melbourne designer committing to transform the office space into a boutique retail and design showroom, given the scarcity of available prime retail space.

Lockwood said investors were particularly prominent during the campaign, while developers also made strong enquiry.

“This demonstrates a comprehensive vote of confidence in the future prospects of High Street, Armadale as a place that locals and Melburnians will visit, shop, and find community in.”

Armadale has strong demographic fundamentals and in recent years is expected to experience population growth of 65.70% by 2041, according to forecast.id.

High Street benefits from high connectivity to public transport, including various tram routes running along the strip, and Armadale railway station nearby. The property is close CityLink and Dandenong Road, providing convenient access to the Melbourne CBD.