News

Market Shows Confidence In Seaford Strip

Posted on 06th July 2021

FIT4236 121 Nepean Highway Seaford Markup 0692 V3

Investors and owner occupiers have competed for a vacant property in a show of confidence in Seaford’s neighbourhood retail strip.

Fitzroys agents Tom Fisher and Mark Talbot sold 121 Nepean Highway under the hammer for $1.86 million, well above the reserve.

Zoned Commercial 1, the vacant 344sqm building is on a 323sqm site with an extensive frontage directly opposite Seaford pier, and with rear access from a public car park.

Fisher said investors and owner occupiers alike competed for the property, with six bidders at auction pushing the price well beyond reserve. A local investor ultimately won out and plans to undertake some refurbishments before leasing out the property.

“The enquiry from both investors and owner occupiers demonstrates confidence in the popular neighbourhood strip, and well-located Melbourne retail assets generally,” Fisher said.

He said the property enjoys a central positioning within the high-profile strip, and is surrounded by notable traders including Pharmasave, Australia Post, Bottle O, Friendly Grocer, medical centres, and established local operators that include popular local eateries.

“This was a rare chance to acquire a dominant asset in the heart of a popular neighbourhood strip,” Fisher said.

“Investors and owner occupiers noted that the wide frontage and highway location present excellent opportunity for businesses looking to establish a presence in a strip that services the local catchment with a very well-balanced mix of tenants.

“The strip also draws visitors from a wider area given its close proximity to Seaford beach, Seaford Library, Seaford RSL and the National Golf Club’s Long Island course.”

Talbot said the strip is highly accessible, with multiple public car parks and Seaford train station nearby.