Shop and dwelling in Melbourne’s Kensington to go under hammer

A standalone retail and residential property in Kensington on the north-west fringe of Melbourne’s CBD is up for auction with expectations of more than $850,000. 

The 513 Macaulay Road property comprises a solid brick shop and dwelling of 136 square metres on a 103 square metre site zoned Commercial 1 with frontage to Macaulay Road and rear access via La Nauze Lane. 

It will be auctioned on June 30 through Teska Carson. The listing agents are Anthony Choi and Fergus Evans.

The retail and upstairs components have the potential to be accessed separately providing the ability to create separate tenancies.

Evans said he expected strong interest from investors looking to add a city fringe asset to their portfolio, and from owner-occupier/investors looking to move into the area.

“With interest rates low and returns from other asset classes somewhat less attractive we are seeing the smaller investor and self-managed super funds enter the market in much higher numbers and it’s properties such as this one in Kensington that have been prominent in sales results,’’ Evans said.