Melbourne’s shopping strips are firmly on the radar of investors and owner-occupiers, with a café operator acquiring a Camberwell Junction property in a strong strata result.
Fitzroys’ Chris James, Ben Liu and David Bourke sold 662 Burke Road Camberwell on behalf of private investors who had owned the property since 1998.
“The sale price was in the order of $10,000 per sqm of net lettable area, which is a strong result for a high-value strata,” James said.
The purchaser is a café and hospitality operator who intends to refurbish and occupy the premises in the near future.
“The existing improvements and dual activation to both Burke Road and the busy Camberwell car park are conducive to a dynamic business such as a hospitality venture,” James added. The property was formerly home to the very well regarded Café Moravia.
“As interest rates fall further we anticipate renewed interest from commercial occupiers, particularly in well-located Melbourne shopping strip properties.”
Burke Road, Camberwell is one of Melbourne’s most established and popular shopping strips.
“Few assets in Burke Road, Camberwell come to the market, and when they do they are highly sought after. We had interest come from local and nationwide investors and owner-occupiers, all recognising the excellent fundamentals of a large and affluent catchment and high accessibility via car and public transport.”
Liu said ongoing generational renewal of the immediate area will provide further support for trade and activity over the long-term. Medium and high-density development has boosted the catchment and underpinned trade, while Council is encouraging further developments on and around Burke Road and Camberwell Junction, and the Victorian government also has its own plans for boosting residential development in the immediate area.
Camberwell has also emerged as a premium inner suburban commercial office location, which is attracting workers throughout the day and further driving trade.