Oakleigh sale sets record for retail strip, says Fitzroys
The sale of a property in Oakleigh has set a record for the Warrigal Road retail strip, says agency Fitzroys.
The site of day spa and therapeutic massage parlour Holiday Calm at 196 Warrigal Road, Oakleigh, sold for $1.05 million before auction in a deal negotiated by agents James Gregson and Michael Ryan.
Mr Ryan said the sale was believed to have set a record for the suburban Melbourne strip, with neighbouring properties having sold for around $680,000 – nearly $400,000 lower than the sale price of 196 Warrigal Road.
The 250-square-metre fully refurbished building on a 145-square-metre site has a new extension and is leased to Holiday Calm on a new seven-year lease with two seven-year options, returning $60,000 plus GST and outgoings.
Mr Gregson said the property’s prime position with exposure to Warrigal and North roads attracted investors looking for a well-located suburban commercial site with a secure lease.
“Warrigal Road carries around 40,000 vehicles per day, and North Road also carries about 40,000 vehicles per day, both acting as key arterials through Melbourne’s inner eastern and southern suburbs,” he said.
South Yarra freehold sells in sweet deal
The refurbished South Yarra building is home to sweet shop Burch & Purchese. Photo: Supplied
A refurbished two-storey building in Chapel Street, South Yarra, has sold at auction for $3.2 million reflecting a 4.3 per cent yield.
Fitzroys agents Chris Kombi and Chris James marketed the property at 647 Chapel Street – the home of Melbourne sweet retailer Burch & Purchese – with John Camilleri, of Killen Thomas.
More than 80 inquiries were received during the campaign, with strong bidding from four parties at the auction.
The 300-square-metre building is on a 238-square-metre site with rear access via Daly Street and Forrest Hill.
It was sold with a new five-year lease plus two five-year options to Burch & Purchese, returning $140,400 per annum, plus outgoings and GST.
Mr Kombi said the site was a rare investment opportunity in a high-growth location with the potential to add value in the future. It was positioned between Toorak Road and Alexandra Avenue in the booming high-density Forrest Hill precinct, next to The Olsen hotel and opposite the Como Centre complex and Vogue mixed-use development.
“This is an enormously successful location with a huge catchment of over 4000 residents and workers immediately surrounding the property, further enhanced by the growing number of residential projects currently under construction, including Royal Como, Gisele, 661 Chapel Street, W South Yarra, Wil & Co and many more,” Mr Kombi said.
