A super-prime retail investment in the heart of one of Melbourne’s best-performing shopping strips is going to auction next month, in a true generational offering.

Fitzroys agents Mark Talbot and Tom Fisher are marketing 397 Centre Road, Bentleigh on behalf of a private vendor that has held the property for 50 years.

Expectations are of $1.6 million plus.

The property comprises an immaculately presented, recently refitted 186sqm ground floor hospitality area with a new, secure 5+5+5-year lease to highly regarded and highly rated Greek restaurant St James Souvlaki, returning $76,384.40 per annum plus outgoings and GST.

“This is one of the best investment offerings in one of Melbourne’s best-performing shopping strips offered to the market this year,” Talbot said.

“Well-leased, well-located opportunities in Melbourne’s shopping strips present excellent investment fundamentals. We’re expecting interest from investors looking for super-prime real estate offering a secure rental income from a quality tenant.”

He said the property is in an unrivalled position within the Centre Road, Bentleigh strip which according to Fitzroys new Walk the Strip report for the first time claimed the lowest vacancy rate in Melbourne, at just 1.0%.

“Centre Road, Bentleigh’s strong trade and consistently low vacancy rates have been a reflection of a very healthy retail offering anchored by three supermarkets, complemented by fashion, services, fresh food, café culture and eateries, and a great mix of national tenants and popular local operators,” Talbot said.

The property is surrounded by a plethora of national operators including Chemist Warehouse, CBA, ANZ, Sportsgirl, Sussan, Flight Centre, Hunky Dory and more, has unique access to a public car park and Coles supermarket at the rear, and is just metres from the revamped Bentleigh train station.

“The strip continues to prove the pull of plentiful car parking, and enhanced accessibility,” Fisher said.

“Centre Road’s accessibility by car, bus and tram allows the strip to draw shoppers from a wide catchment throughout the day.”

He said the strip has been supported by excellent demographic fundamentals and a rapidly expanding residential population stemming from the medium- and high-rise residential buildings completed within the area over the past five years.