A local land banker has secured an ultra-rare Cheltenham Activity Centre opportunity encompassing 2 sites leased to one of Australia’s most respected businesses.

Fitzroys Tom Fisher and David Bourke sold 147-149 & 153 Park Road for $3.757 million, on a sharp 4.1% yield, on behalf of a private family who had owned the properties for 30 years.

The 2 sites are occupied by Tobin Brothers - Australia’s largest independent and family-owned funeral business - on a 5-year lease running to June 2029 with no further option.

The land parcels comprise a combined land area of 1,972sqm and are in a high-profile position opposite the recently revamped Cheltenham Train Station, just metres from the popular Charman Road shopping strip, and are also close to Southland shopping centre.

“Our competitive EOI process generated 5 registrations after a large volume of enquiries from investors, land bankers, future developers and future occupiers,” Fisher said.

“These properties have accommodated a funeral home for a long time, and investors recognised the strength of both the tenant and the established and growing location.”

Bourke said, “Developers and land bankers were attracted to the site’s favourable Activity Centre zoning, its positioning amongst a strong shopping, hospitality and lifestyle offering, and the area’s strong projected population growth.”

Cheltenham’s population is forecast to surge by more than 38% in the next 2 decades, according to research house Informed Decisions, on the back of intensive residential and commercial development in the area

“We have a number of active buyers who missed out on this offering and are very keen to be part of the Cheltenham growth story.” Bourke said.

Medical and childcare centre operators were also among the enquiry given the location offers conducive demographics, he added.