Camberwell retail property tipped for $11 million plus sale

Camberwell retail property tipped for $11 million plus sale
Camberwell retail property tipped for $11 million plus sale

A retail strip property located in Boroondara’s Camberwell shopping precinct has been offered for sale with price expectations exceeding $11 million.

CBRE Melbourne’s Retail Strip Investments team of Rorey James, JJ Heng, Sandro Peluso and Lewis Tong were appointed to market the property for sale in conjunction with Phillip Almeida of Performance Property Advisory.

Located at 620-624 Burke Road, the two-storey property was once occupied by Australian Unity and has since been a medical associated building for more than two decades.

CBRE’s Mr James said, "the property’s current tenant has no further lease options, opening up the opportunity for developers, owner-occupiers and investors to compete for it.

Featuring a ten-metre frontage to Burke Street with rear access to a large council car park, it's also one of the largest landholdings within the retail strip.

CBRE’s Mr Heng noted that three of CBRE’s four recent Camberwell transactions have involved international Asian purchasers, suggesting the trend is likely to continue with the sale of 620-624 Burke Road.

The 828 sqm property is currently leased to PharmaSave, generating annual net rental revenue of $617,733 (after land tax) with potential to generate additional income from 262 sqm of unused space.

620-624 Burke Road was offered to market via an international expressions of interest campaign which closed August 28, 2019.

Offers are currently under review.

Tags: 
Retail Camberwell

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