Investors And Owner Occupiers Seek Out Rare South Melbourne Retail Asset

Posted on 11th May 2021

Investors and owner occupiers have sought out a rare inner-city retail strip asset on South Melbourne’s popular Clarendon Street.

Chris Kombi and Mark Talbot sold 193 Clarendon Street for $1.022 million to a local investor following a successful auction campaign that attracted nearly 70 enquiries.

The versatile strata-titled, 130sqm two-storey shop and dwelling is just metres from the South Melbourne market and was offered with a short-term lease in place.

“The strong enquiry from both investors and owner occupiers in an asset offered with a short-term lease is another demonstration of the confidence the market has in Melbourne’s shopping strips,” Kombi said.

“Clarendon Street, South Melbourne’s historic architecture and unique character are perennial drawcards for tenants, shoppers and new residents.”

The strip has consistently been one of Melbourne’s strongest performers according to Fitzroys’ Walk the Strip report series, and offers a quality mix of local and national traders, and highly regarded hospitality venues that draw locals and visitors from across Melbourne.

“The enquiry demonstrated that investors are confident in securing tenants along the strip, while operators identify Clarendon Street as an ideal place to open their new business,” Kombi said.

Talbot said a major driver of enquiry was the property’s positioning close to South Melbourne Market, providing high levels pedestrian traffic.

He said South Melbourne is also expected to attract more office activity, as highly accessible inner-city locations with quality hospitality and lifestyle offerings such as Clarendon Street become increasingly attractive to workers.

Projects across the CBD, Southbank and city fringe will also continue to boost the residential catchment.

“Over the longer-term, Clarendon Street’s will further benefit from the population boom throughout the adjacent Fishermans Bend precinct, earmarked by the Victorian government as a development intensive urban renewal area,” he said.