One of Melbourne’s most established and consistent shopping strips will see a rare prime retail auction next month.
Fitzroys’ Chris James, Lewis Waddell and Ben Liu are marketing 100-102 Glenferrie Road, Malvern, which is going under the hammer on Friday, 4th September at 12.30pm on site.
The property comprises a dual-fronted 2-level building of 210sqm, on a generous 204sqm Commercial 1-zoned site with excellent frontage to Glenferrie Road and a secondary frontage to the major council car park at the rear, and positioned close to the busy intersection of Wattletree Road.
It is being offered with a lease Amcal Pharmacy until 2027 with 2 further options of 5 years each.
“Glenferrie Road, Malvern has long been one of Melbourne’s most consistent shopping strips, and this is a rare opportunity to secure a quality freehold in one of its busiest sections,” James said.
“Investors and owner-occupiers have already shown interest given the prime location surrounded by high traffic-generating national and local businesses, the great building, affluent catchment and excellent accessibility.”
Leading national and local businesses surrounding the property include Coles, Dan Murphy’s, Australia Post, Chemist Warehouse, Fleischer Cakes, Gardiner Hotel, Bailey Nelson, and all major Australian banks. Just moments away is Malvern Central Shopping Centre, home to major department store David Jones, as well as Woolworths, Adairs, Athlete’s Foot and Woodfrog Bakery.
Glenferrie Road routinely records single-digit vacancies, according to Fitzroys’ Walk the Strip series, last year coming in at 7.8%.
“Glenferrie Road, Malvern has been one of the best example of the theory that a strong, established catchment leads to the consistent performance of a shopping strip,” Waddell said.
“The strip services a high-spending and growing local catchment that includes some of Melbourne’s most expensive suburbs including Malvern, Toorak, Armadale and South Yarra.
“It has admirably weathered multiple challenges over the years from nearby strips and shopping centres, and there are various residential developments in the immediate proximity also, bringing more foot traffic, with further planned high-density projects nearby set to underpin trade and activity into the long term.
Liu noted the excellent connectivity of Glenferrie Road, Malvern, with a tram stop at the door of the property providing direct access to the CBD, Malvern Train Station within walking distance, and plentiful car parking.
“High accessibility is one of the key contributing factors to the strong performance of a shopping strip,” he said.
Close by are Cabrini Hospital and other medical specialists and services along Wattletree Road, which bring yet more pedestrian traffic to Glenferrie Road.