Burke Road, Camberwell investment has development upside‏

Teska Carson is marketing a securely leased retail investment property with development upside at Camberwell in Melbourne’s inner-eastern suburbs.

The property will be auctioned on September 18 on site and is expected to fetch more than $1.1 million.

Located at 491 Burke Road, the two storey brick building is positioned on the corner of Canterbury Place.

According to marketing agents, Teska Carson’s Gideon Marcus and George Takis, the building has been renovated to accommodate a retail use downstairs and offices upstairs.

The 190 square metre site, zoned Commercial 1, has five metres frontage to Burke Road and 37 metres to Canterbury Place.

Marcus said the property would be sold subject to a five year lease to the building tenant at a current rental of $55,000 per annum.

A second, signage, lease provides an additional $1000 per annum.

The building lease expires December 2019 with a five year option however the lease includes a demolition clause with two years notice.

Takis said he expected strong interest from both investors and developers.