Landmark Main Road Sale During COVID Lockdown

Posted on 17th November 2020

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The tightly-held heart of St Albans’ Main Road shopping strip has seen its first retail property sale in more than five years.

Fitzroys Associate, Ervin Niyaz negotiated the sale of 325A Main Road for $2.2 million to an owner occupier, on behalf of a private investor.

The vacant 400sqm building is on a 541sqm site with rear access via ROW, and is in a super prime position next to Chemist Warehouse and metres from Woolworths and Commonwealth Bank, as well as St Albans train station.

“The buyer was attracted to the property’s location in the prime of the strip, with a massive 12-metre frontage that offers excellent signage opportunities and exposure to the passing vehicle and pedestrian traffic,” Niyaz said.

He said primary interest during the off-market process was from owner occupiers.

“Businesses have noted Melburnians are reconnecting with their local shopping strips, where they have been able to find a sense of community during a period of restricted movement and working from home, whether it’s getting a coffee or something to eat, or going for a walk.”

“This period is likely to have a lasting impact on Melburnians and increase visitation to neighbourhood strips longer-term.”

He said the sale arrived during the Stage 4 lockdown, and despite the fact inspections are not permitted.

“Very little sells in this area, particularly in the heart of the strip where this property is located. The last sale was more than five years ago.”

Prominently positioned in the heart of Main Road East’s thriving retail precinct, the property is surrounded by national tenants and established retailers. More than 450 car spaces are within walking distance, and the retail precinct is also easily accessible by public transport. Also in close proximity is Cedar Woods’ St.A development, which will add around 270 new homes to the immediate catchment.