“Investors have been attracted to the property’s prospective circa 6% return and strong tenancy covenant. Supermarket-leased properties with quality operators are an excellent investment proposition at a time of share market and residential market uncertainty.
“Gum Tree is an immensely popular fixture of Albert Park shopping village, with a remarkably loyal customer base.”
The property is situated in a prime position within the village, immediately neighbouring Albert Park Hotel, Mecca, Laurent and Woolworths, and amongst other leading retailers and hospitality venues including Country Road, Assembly Label, ELK, Husk, Dundas and Faussett, Village Wine Bar, Pony Boy and more.
The offering comes shortly after the sale of that close-by Woolworths property sold for nearly $7.5 million.
“Albert Park shopping village services a strong demographic, surrounded by an affluent, established and loyal catchment, and is in a highly accessible inner city location that draws visitors from the surrounding suburbs,” Fisher said.
“The village is underpinned by an abundance of public car parking and by excellent public transport services, including multiple tram and bus routes.”