Investor snaps up Caulfield fish and chip shop pre-auction
An investor has snapped up a versatile Caulfield shop and dwelling with a short-term lease to a fish and chip shop prior to auction.
Fitzroys agents Jordan Ceppi and Chris Kombi, in conjunction with Tsimos Commercial’s John Black, sold 827 Glen Huntly Road for $975,000, on a 4.9% yield and land rate of $5,477 per square metre.
Zoned Commercial 1, the 170 square metre double-storey building is on a 178 square metre site and has excellent rear access via right of way.
Ceppi said the property attracted interest from a broad range of investors and owner occupiers looking to gain a presence in the boutique shopping strip, positioned near the intersection of Hawthorn Road.
“The property offered strong value add prospects, with potential to upgrade and re-lease,” he said.
Kombi said the increasing number of medium and high-density apartment developments along Glen Huntly Road and through Caulfield had served to reinforce the area’s strong catchment, as well as the property’s positioning among retailers such as Foodworks, Brumby’s Baker, 7-Eleven and Priceline Pharmacy.
