ONE OF MELBOURNE'S MOST RECOGNISED BUILDINGS SECURELY LEASED TO AN ASX LISTED RETAIL GIANT!
Jones Real Estate is privileged to present 512 Chapel Street, South Yarra to the market For Sale via Public On-Site Auction on Thursday 7th December 2023 at 12:30pm.
Immersed within Melbourne's hottest destination retail & commercial precincts, 512 Chapel Street, South Yarra presents endless opportunity, mixed with a perfectly curated mix of high-end fashion boutiques, abundance of food & beverage options and seamless accessibility to public transportation and arterial networks.
Key highlights of this opportunity include:
- Known as one of Melbourne's most recognised retail buildings leased to long time occupier and ASX listed retail giant 'Accent Group Limited' operating as 'Platypus Shoes'.
- 'Accent Group' have over 8,500 employees, 800 stores, 34 brands, 35 online platforms and a market capitalisation of $1.07bn, operating the likes of Playtpus Shoes, Hype DC, Stylerunner, Vans, Sneaker Lab, Trybe, The Athletes Foot, Sketchers and many more^^.
- Providing a net passing income of $265,909.55 per annum with favourable 3.0% annual increases, future proofing the asset for many years to come.
- Leased on an initial seven (7) year term with one (1) further term of five (5) years, providing options to 2029.
- Offering 220sqm* of internal building area and a prominent 8.3m* of direct retail frontage to one of Melbourne's most prestigious retail precincts, the property is underpinned by a strategic mix of established and renowned tenant profiles on Chapel Street including Country Road, SABA, Marimekko, MCM House, Gorman, just to name a few.
- Immersed within South Yarra's ever evolving and transformational destination precinct, home to Melbourne's most prominent developments, Vic Land (11 Wilson Street), Goldfields (627 Chapel Street), LK Property Group (Capital Grand), Gurner (Jam Factory) and Oreana (South Yarra Square).
- Chapel Street retail vacancy rates currently on a downward trajectory, nearly halving in the past 24 months to 7.5%*.
- Offering outstanding access to South Yarra Railway Station plus multiple tram & train bus routes.
*Approx. ^^ Nov 2023, https://www.asx.com.au/markets/company/AX1
For further information, please contact the exclusive selling agents.
Disclaimer: Sizes and dimensions described are approximate. Parties should not rely on the information contained within this summary; we recommend seeking professional advice before proceeding.