Retail properties through Melbourne’s inner east remain a drawcard for a range of buyers, all optimistic about the highly regarded region’s future prospects.
In the latest deal, Fitzroys agents Chris James and David Bourke sold the prominent double-storey freehold at 602-604 High Street, Kew, within Harp Village, for $1.135 million on behalf of a former occupier.
Offering a commanding 11.5-metre street frontage, the generous two-level freehold building of 180sqm has first-floor access from High Street, and is on a 162sqm site zoned Commercial 1 with on-site parking and rear access via right of way
James said owner occupiers and value-add buyers were prominent throughout the campaign, with a local buyer looking to reposition the vacant asset emerged successful at the auction.
“This property offered an affordable opportunity in Melbourne’s popular inner-east, with good configuration and rear access, strong value-add potential, and a high-exposure position within the Harp Village neighborhood precinct on busy High Street,” he said.
“Located within one of one Melbourne’s most established and affluent catchments, Harp Village has recorded low vacancies for some time, offering a mix of local retailers, restaurants and cafés.
Bourke said the interest from a range of buyers showed the confidence broadly held in Boroondara, as a strong residential and commercial development pipeline underpins growth in the immediate catchment and boosts trade.
Fitzroys recently sold 674 High Street before auction for $1.2 million to a local buyer, also with vacant possession in addition to a shop and dwelling at 103 Cotham Road in Kew’s Cotham Village to a Vietnam-based investor for $1.225 million, at a tight 3.9% yield.