Waverley Park Stadium shops on the market
Two retail spaces in Mirvac’s Waverley Park Stadium have been listed through Colliers International.
The food and beverage outlets are expected to sell for over $1.5 million total. Shop Seven is currently leased to The Last Piece Café until October 2023, with a five year option, and Shop One is the Stadium Fish and Chippery. Colliers International’s Jeremy Gruzewski says that Shop Seven provides about $90,000 in net rental income, while he expects that Shop One will attract interest above $350,000.
“The retail component of the former VFL stadium, and current Hawthorn Football Club training ground, provides a variety of amenity to the local community as well as surrounding business parks and industrial estates,” Gruzewski said.
“There is a strong appetite for low-risk investments which have been apparent in recent suburban retail results,” he said. “By far, retail is the most sought after and affordable commercial investment in the current market."
Tom Noonan of Colliers International, who is also handling the sale with Gruzewski, expects interest from private investors and self-managed super funds.
Mirvac’s Waverley Stadium in Mulgrave is the home of the Hawthorn Football Club. The properties will be auctioned on March 19.
jrichardson@propertyobserver.com.au
