Investment property in Melbourne's iconic Maling Road Village up for auction

Investment property in Melbourne's iconic Maling Road Village up for auction
Investment property in Melbourne's iconic Maling Road Village up for auction

A retail property within one of Melbourne’s most iconic retail shopping villages is up for sale for the first time in more than 100 years.

The 930 sqm corner property within Maling Road Village in the Cantebury retail strip will go under the hammer on May 19 for an expected price of around $6 million.

The listing agents are Tom Noonan, Tim McIntosh and Ben Baines of Colliers International. 

“The property is the epitome of a trophy asset, having been under the same ownership for over 100 years. Over that time it has provided a strong income with long-term security," Noonan said.

He added that the property is expected to attract both local and offshore interest.

Sitting at the corner of Maling Road and Canterbury Road, the two-level freestanding building has a net lettable area of 790sqm and is fully leased to five local retail tenants, including The Maling Room café, Bendigo Bank, Tim’s Bookshop, Nourish on Maling and Micky Junior Shoes.  

Three of these have been occupants for more than a decade, while four have signed new leases in the last 12 months, added McIntosh.

Originally a post office until 1996, the property is close to Canterbury Train Station.

“The Maling Road retail strip is one of the most prestigious and iconic suburban retail strips in Victoria, with its history as a popular retail destination dating back over 100 years to its inception in the late 1800s," said McIntosh.

Tags: 
Melbourne Retail Auction

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