Oakleigh mixed-use investment in tightly held precinct

A mixed-use investment at Oakleigh's key retail and commercial precinct in Melbourne's south-east is expected to fetch over $4.5 million.

Advertised by Teska Carson, 40-42 Atherton Road comprises an 829 sqm building incorporating a double fronted shop and three brand new apartments over two levels. 

The 424 sqm site, located in a precinct that includes Woolworths, Coles, Liquorland, all major banks, and Chemist Warehouse, has around eight metres frontage to tree-lined Atherton Street.

It has rear access and on-site parking.

The property is currently leased to ANZ Bank on a ten year term at circa $121,275 per annum.

The three apartments, including one with three bedrooms and study, one with three bedrooms and one with two bedrooms, will be offered with vacant possession.

Tesla Carson's marketing agents Anthony Choi and Michael Taylor suggest the property has a potential income, fully leased, of $215,000 per annum.

Anthony said the sale presented a rare opportunity to acquire a well-located investment in a much sought and tightly held commercial precinct.

"This is an exceptional property in a street which has proven to be highly desirable for both owner-occupiers and investors for its popularity and comprehensive retail and commercial offering in an increasingly high density residential region. 

"Oakleigh with its proximity to the bayside and other lifestyle attractions including some of Melbourne’s best golf courses, has been a magnet for those seeking an address with all the essential amenities within relatively easy commuting distance of Melbourne CBD."

They expect strong interest from investors looking to add a modern, well-presented asset which could offer a diversified tenancy profile.

The property is for sale expressions of interest closing August 31.