TWO outstanding retail investments in one of Ivanhoe’s most electrifying retail and dining precincts are going under the hammer at 213 and 215 Upper Heidelberg Road.
The freehold investments are being offered individually to the market, giving potential buyers the opportunity to purchase one or both properties.
The asset is being marketed by Ray White Commercial Oakleigh trio Ryan Amler, Theo Karkanis and Joshua Colosimo.
Mr Amler said the retail strip was known as arguably one of the most tightly-held throughout metropolitan Melbourne.
“These properties continue to tick all the boxes for what someone would want when it comes to buying investment property,” he said.
“The vacancy rates in the strip itself continue to be extremely low year-upon-year, and this is underpinned by an abundance of nationally recognized retailers and complementing businesses surrounding these investments.
“With a total building area of 301sq m* and a combined annual rental of $106,480 p.a. net, these are perfect investments astute investors talk about daily due not only to the excellent return they offer, but also the future capital growth the properties will benefit from.”
Mr Karkanis said the properties would be an ideal addition to a self-managed super fund and the flexibility of being able to buy one or both, as well as develop in the future (STCA), was seldom offered to the market.
“213 sees a long-standing optometrist tenant operating for over 23 years and has a five-year lease that commenced in March 2018,” he said.
“215 is a well-known local café with a 3+3-year lease that commenced in May 2017, so potential buyers can buy with confidence, knowing there are secure tenants in place.
“The assets also offer main road exposure in a highly sought-after and thriving retail strip and have a high volume of vehicles passing each day.”
Mr Colosimo said the assets were serviced by major arterial roads including the Eastern Freeway (M3) and Bell Street, and also had great public transport located nearby.
“The properties are in the city of Banyule, 10km* east of Melbourne’s CBD, complemented by nationally recognised businesses such as Westpac, ANZ, Woolworths, Coles Supermarket and Chemist Warehouse,” he said.
“These two freehold retail investment properties are well serviced and easily accessible via Heidelberg Road, Bell Street, Hoddle Street and the Eastern Freeway.
“Transport via car to the Melbourne CBD via Hoddle Street and Heidelberg Road is between 16-24 minutes* depending on time of day and traffic conditions.”
The auction will take place on Thursday 16 May on-site at 11am.