A generational prime investment opportunity on famous Burke Road, Camberwell is going to auction in an early test of Melbourne’s retail property market in 2021.
The property goes to auction on Wednesday, 24 February at 1pm.
It comprises a dominant two-level 420sqm freehold with an expansive 12.2m frontage to Burke Road, on a 465sqm Commercial 1-zoned site over two titles offered as a whole.
Mountfords Shoes, part of national retailer Munro Footwear Group, has been trading from the property for over 40 years and has a long 6+5-year lease returning $329,600 per annum plus GST, with annual 3% increases. Munro Footwear Group employs over 2,000 staff nationally and consists of leading brands such as Mountfords, Mollini, Diana Ferrari, Midas, and Colorado.
The property marks the first auction of a primely-located Melbourne retail strip asset for 2021.
“This is an ultra-rare opportunity to acquire an absolute prime Burke Road, Camberwell asset,” Bourke said.
“We expect interest from astute investors who are well aware of the historic opportunity to acquire a dominant site in the heart of one of Melbourne’s most famous shopping and lifestyle centres.”
The property is centrally located on the main pedestrian crossing linking Burke Road and council car parks, within the highly regarded Camberwell Junction retail and lifestyle precinct, and in proximity to all major supermarkets, banks, and national and local traders.
James said the property is a highly accessible position that enhances its connection to the expanded catchment that Burke Road and Camberwell Junction serve, situated on a large site with frontage to Commerce Lane and providing future value add potential (STPA).
An abundance of medium and high-density residential and commercial developments have been completed in recent times, including Camberwell Village, Hawthorn Park, Aerial, The Well Residences, Elmington, Solstice and Ebony.
“These developments will further stimulate commercial activity and enhance the vibrancy of Burke Road and Camberwell Junction,” James said,
“Melburnians have been reconnecting with their local communities over the past 12 months. Neighbourhood strips have been the place to go for a coffee, to catch-up with friends, or to break up the day as working from home becomes more widely accepted.
“This has enhanced the investment prospects of well-located shopping strip assets.”