One of the best value-add and land banking opportunities in Melbourne’s eastern corridor for 2023 has hit the market.
Fitzroys’ Chris James, Ben Liu and David Bourke are marketing the 1,423sqm Commercial 1-zoned corner site at 170-172 Warrandyte Road, Ringwood North, on behalf of a private syndicate.
Located within the Ringwood North Activity Centre, the site boasts 72 metres of street frontage. It currently comprises a 540sqm retail complex and 30 on-site parking space, and is offered with a permit for first-floor offices above the car park.
The property returns a combined diversified fully net income of $234,105 per annum from four high quality tenants – Cinque Restaurante, Vanille Blanche Café, Mastika Ice Cream, and Frida’s Sip n’ Paint, plus an ATM licence to Armaguard.
Major anchors nearby include the North Ringwood Shopping Centre, Ritchies IGA + Liquor, Australia Post, Greencross Veterinary Clinic, Bakers Delight, 7-Eleven and more, while Eastland Shopping Centre, Ringwood Town Square and Ringwood train station are all within two kilometres.
“Investors, land bankers and developers are all expected to compete. This is the perfect investment opportunity with immediate development upside,” James said.
“Investors and land bankers have the chance to acquire a fully-leased asset with a diversified income located in a high-performing shopping village, with both excellent trading prospects and future rental growth potential due to the steady stream ongoing completion of new builds nearby.”
Liu said, “If the existing plans were to be undertaken in the short-term the office build would most likely be met with strong demand from businesses. The shift to working-from-home and hybrid working has created high demand from businesses looking for suburban locations that complement more central operations and allow for workers to come into an office closer to their home.”
Bourke said, “Land bankers and developers will note the property’s favourable Commercial 1 zoning and location within the Ringwood North Activity Centre that allows for a broad range of comprehensive development outcomes including retail, office, residential and community use, on a large 1,423sqm site.”
“Strong population growth is expected for the area, which will underpin demand for all types of uses and help future-proof the site,” Bourke said. According to research firm .id Consulting, Ringwood North’s population is expected to grow by more than 15% between 2023 and 2041, and Ringwood’s by 28.49%.
Expressions of Interest close Wednesday, 17th May at 3pm.