Retail opportunity opens up in tightly held Kooyong

Retail opportunity opens up in tightly held Kooyong
Retail opportunity opens up in tightly held Kooyong

A Kooyong Village freehold retail opportunity has been listed for sale, the first time a property has been listed in the area for nearly five years.

473 Glenferrie Road, Kooyong inlcudes a ground floor retail premise of 174 square metres and a first floor two-bedroom residence of 75 square metres. The property includes a 6.7 metre frontage to the street and is on a Commercial 1 zoned site.

The freehold opportunity is up for 14 August auction, through Gorman Kelly agents.

The brick building had been trading as a licensed grocer since the 1960s, and is currently leased to Kooyong Cellars on a five year term plus option on $61,983 net per annum plus GST and outgoings.

Selling agent Chris Alcock expects interest around the $1.5 million mark, noting that on investigation only 15 freehold properties are located on this section of Glenferrie Road.

“There has been little or no sales activity here for the past five years with only one recent sale – which shows just how tightly these Kooyong properties are held,” he said.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Tags: 
Melbourne Retail

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