Double-fronted retail freehold in inner Melbourne fetches above $3 million at auction
A double-fronted retail freehold in Melbourne’s inner suburb of Malvern has sold under the hammer for $3.02 million, at a crisp yield of just 2.68%.
The 1425-1427 Malvern Road asset has two-double storey shops on one title, comprising longstanding tenant Allpress Antiques and the popular Milton Wine Shop.
The selling agents were Fitzroys’ Chris Kombi, James Lockwood and Jordan Ceppi.
The sale price was $420,000 above the reserve.
The 400 sqm site is zoned Commercial 1.
It was sold with a five-year lease in place with the option for a further five years, returning $81,033 per annum.
Lockwood said the Malvern Road retail and lifestyle strip is underpinned by rapidly growing residential catchment, with numerous mediums and high density mixed-use developments in the vicinity recently completed and others at various stages of planning.
“Hospitality and retail services have subsequently benefited from the growing catchment immediately around Melbourne’s inner and middle-ring precincts.”
