Final retail shop sold at Melbourne's EXO apartments for $1.128 million

The last of nine prime retail shops at the base of the EXO apartment building in Melbourne’s Docklands precinct has sold for $1,128,000 to a private investor.

Shop 5A at 860 Collins Street is spread over 140 square metres and was the last retail space available on the ground floor of Lendlease’s EXO apartment tower.

The selling agents were Daniel Wolman, Oliver Hay and Chris Ling of Colliers International. 

It follows the recent sale of the 251 square metre corner site at EXO, tenanted by ASX-listed Flight Centre on a 10-year lease, for $2.51 million, also by Colliers International.

“Anchored by the national headquarters of ANZ, NAB, Lend Lease and Myer, Victoria Harbour is becoming increasingly sought after," said Wolman.

The nine ground floor shops at EXO range from 85 to 402 square metres.

Wolman said investment activity in the area was being supported by increasing foot traffic from a growing catchment of commercial office tenants.

“Since its completion in mid-2013, EXO at 860 Collins Street, and the Victoria Harbour precinct more broadly, has undergone significant uplift and growth as a result of Melbourne’s increasing population and the CBD growing towards Docklands with more affordable retail and office space,” he said.

Ling said record low interest rates, a soft Australian dollar and volatility in overseas Asian markets were combining to position the Australian commercial property as a safe haven for investors and owner-occupiers alike.

“Investor appetite for prime retail space in the Melbourne CBD continues unabated. We expect it will drive strong demand for a range of assets we are currently marketing, including a freestanding retail investment at 471 Eliizabeth Street, two strata retail shops at 1 Little Collins Street and the Belgian Beer Café site at the base of Eureka Tower at 3-7 Riverside Quay.”