Six Williamstown shops listed on ‘Burke’s Corner’ and may appeal to SMSF investors

Six shop premises in the maritime heritage Melbourne suburb of Williamstown have been listed for sale and may appeal to self-managed super fund (SMSF) property investors.

The shops stand at the corner of Stevedore Street and Douglas Parade in the heart of the Williamstown shopping precinct on the former site of the Burke & Co Pty Ltd department store, which operated from 1926 until 2008.

Five out of the six shops are tenanted with one currently vacant and bring in annual rent of between $50,000 and $127,000. All leases contain relocation and redevelopment clauses.

They are being offered separately or as a whole with price expectations in excess of $7.5 million for all six.

Located at 66 Douglas Parade, the six shops are:

-          Lot 1 – Shop 1, leased to  Jas Stephens – 108 sqm, income of $86 ,614 plus GST

-          Lot 2 – Shop 2 – vacant – 106sqm

-          Lot 3 – Shop 3, leased to Hollywood Nails – 105sqm - income of $86,851 plus GST

-          Lot 4 – Shop 4, leased to Pressto – 87sqm - income of $64,258 plus GST

-          Lot S2 – Shop 5, leased to The Freedom Machine – 175sqm - income of $127,339 plus GST

-          Lot S2 – Shop 6, leased to  Lulu Katon – 69sqm - income of $50,000 plus GST

They are being sold via an expressions of interest campaign that closes on May 9 led by Fitzroys associate James Gregson

“The properties also offer significant multi-level development potential and strong future growth potential,” he said.

They are Zoned Business 1, but Gregson says they could be suited to alternative uses subject to council development approval.

Current projects in Williamstown include the development of the woollen mills on Nelson Place, comprising a number of residential towers up to twelve levels will add an additional 5,000 residents to the immediate vicinity once completed.

Recent retail property sales in Williamstown include a 225 square metre shopped tenanted by BWS Liquor until 2015, which sold for $1.7 million in May last year, a yield of around 7%.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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