Renowned Carlton pharmacist’s property for sale after more than 50 years
In the 1950s, a growing community of Italian migrants bought potions and perfumes imported from their home country at a pharmacy in Lygon Street, Carlton.
The chemist had been established by Frank Montegano, who bought the business after training there as a pharmacist and named it Monte’s Pharmacy.
Mr Montegano died in September 2015 at the age of 90. When his property at 265 Lygon Street goes under the hammer at an executor’s auction on May 27, it will be the first time in more than 50 years it has been offered to market.
Pharmacist Frank Montegano in the dispensary of his shop, Monte’s Pharmacy, in Lygon Street, Carlton. Photo: State Library of Victoria
CBRE has been appointed to negotiate the sale of the 214-square-metre retail site, which is is fully leased to Australian shoe retailer Wittner. The property provides a secure annual income of $148,567 plus GST and fixed annual rental increases.
Rorey James, Sandro Peluso and Josh Rutman, of CBRE’s strip retail investments team, have been appointed to manage the sale.
Mr James said strong interest was expected from both local and offshore investors, underpinned by the prominent investment opportunity, proximity to the CBD and future upside potential – subject to council approval – offered by the site.
“The market is aware that opportunities on this retail strip do not come up regularly, especially offerings such as 265 Lygon Street which provide a secure income together with prime real estate positioning,” Mr James said.
Mr Peluso said that according to the CBRE research, investors now had confidence in the stability and growth of Carlton.
“Carlton’s population expected to grow by 6.37 per cent per annum over the next three years, more than three times larger than projected figures for greater Melbourne’s population growth,” Mr Peluso said.
“A major drawcard for the property is its outstanding Lygon Street exposure and location within one kilometre of the Melbourne CBD.
Mr Rutman said: “In addition to this, the University of Melbourne and RMIT University are both located less than 900 metres from the property, underpinning the future growth and ever increasing activity in the area.”
Lygon Street, Carlton, is home to many national retailers and award-winning restaurants and cafes. The strip offers seven-day trading due to the sheer volume of foot traffic driven by shoppers, tourists, students and the residential population.
The property is to be sold via a public on-site executor’s auction on Friday, May 27, at 2.30pm.
