Strong interest is expected from investors, owner occupiers and developers for a versatile High Street, Preston commercial freehold, in a rare chance to secure a property located in the prime of Melbourne’s shopping strips in 2020.

Fitzroys agents Mark Talbot and Ervin Niyaz are handling the Expressions of Interest campaign on behalf of a private landlord for 427 High Street, closing Thursday, 28 May.

The property has a 132sqm shop on a 272sqm site within the “Golden Mile” of High Street in Melbourne’s booming inner-north. International retailer Godfreys, which has occupied the premises for in excess of 20 years, has a lease that expires in September 2021 with no options, and currently returns $85,489 per annum plus outgoings and GST.

Talbot said owners are increasingly aware there is pent-up demand and a large amount of capital actively seeking well-located commercial properties in high-growth areas.

“This property represents an outstanding investment or owner occupier opportunity in a tightly-held, popular precinct with a loyal and growing catchment.”

“With working arrangements in response to COVID-19 placing more emphasis on living and working locally, people will be increasingly drawn to Melbourne’s shopping strips,” Talbot said.

Talbot said the property is in a prime location with the Preston Market and a large public car park directly at the rear, while a large Safeway Supermarket, Aldi Supermarket, Dan Murphy’s and Chemist Warehouse are all in close proximity, all of which have proven to be strong performers in the current environment.

Niyaz said Melbourne’s booming inner-north has a renowned hospitality and lifestyle offering with an enviable offering of cafes, restaurants and retailers that will continue to draw residents to the area.

He said the property is contained within a Priority Development Zone Schedule 2, and subject to stipulations that promote development of up to four stories.

Interest for this exceptional freehold is expected from $2 million-plus.