Investors have been presented with the ultra-rare chance to acquire a securely-leased retail asset in the heart of the prestigious Toorak Village shopping strip.
Fitzroys’ Chris Kombi, Chris James and Shawn Luo are marketing 438-440 Toorak Road, Toorak, home to ASX-listed major bank ANZ and in the absolute prime of Toorak Village, via Expressions of Interest closing on Wednesday, 5 May.
The campaign marks the first time the property has been offered in more than 30 years.
Long-standing tenant ANZ has a secure lease that returns $329,600 per annum net with fixed 3% annual increases.
The high-profile 394sqm building comprises ANZ’s modern retail branch fit-out, and occupies a dominant 354sqm corner site with on-site parking and dual frontage to Toorak Road and Carters Avenue of more than 44 metres. There is a large public car park directly behind the property.
Zoned Commercial 1, the property also offers future value-add potential.
The property is situated directly opposite Vicland’s permitted $600 million commercial redevelopment of Village Way, which will include more than 10,000sqm of premium office space over eight levels, and a ground floor Coles.
Kombi said the heart of Toorak Village is among the most secure locations to invest in Melbourne retail and commercial property, supported by a high-quality mix of national and local retailers and what is arguably Melbourne’s most established and affluent catchment.
“The supply-constrained nature of Toorak Village and the strong demographic fundamentals place Toorak Village in an enviable position,” he said.
“More Toorak residents are becoming downsizers and seek to remain in the exclusive postcode, which is also attracting residents from the surrounding suburbs, further strengthening the immediate catchment.”
“Well-located bricks and mortar assets with secure leases offer an ideal investment during the uncertainty of the COVID period, and in the ultra-low interest rate environment that the Reserve Bank has flagged will remain for some time,” James said.
“Melbourne’s shopping strips have demonstrated their resilience over the past year, and opportunities to acquire high-quality properties in the prime of these strips have been rare.
“Local neighbourhood strips been the setting for Melburnians to reconnect with their local communities, particularly as working from home becomes more widely practiced.”