A trophy retail investment along Elsternwick’s thriving Glen Huntly Road has been listed for sale and is expected to fetch circa $7 million when it goes under the hammer in May.
CBRE’s Melbourne Strip Retail Investments team in conjunction with Wilson Agents have been appointed to market the corner building located at 372-376 Glen Huntly Road, which is centrally positioned within the suburb’s bustling retail precinct. The agencies are acting on behalf of Melbourne-based lawyer, Peter Vodicka.
The two-storey building will be sold as a securely leased investment, with over 70% of the income derived from national retailers and providing an annual return of approximately $365,000.
CBRE’s Rorey James said: “Elsternwick represents one of Melbourne’s most exclusive suburbs, which is reflective in its median house price growth increasing by around 60% in the past two years. With an affluent demographic – that we know will see rapid population growth over the next decade – retailer conditions along Glen Huntly Road are set for its strongest years, providing landlords with fantastic rental growth in the near future.”
CBRE’s Sandro Peluso added the rarity of triple fronted assets in super prime locations such as this would attract a significant amount of local and Asian buyer interest.
“Elsternwick is set for a major population injection which it has never seen before, with the suburb earmarked for several residential development sites and six major infrastructure projects, including a new cultural precinct and the Carre Street Pedestrian Plaza.”
Mark Wizel, CBRE Director, noted this level of planning is likely to transform Elsternwick and Glen Huntly Road into a dense and affluent suburb – providing retailers with the prospect of a very exciting future.
The suburb is also surrounded by some of Melbourne’s best schools including Caulfield Grammar and Wesley College, while also having nearby access to Monash University’s Caulfield Campus.
372-376 Glen Huntly Road will be sold via a public on-site auction on Friday, May 11 at 12:30pm.