Armadale High Street retail offers development potential: Savills

Retail is hot property in and around Melbourne, suggest a number of recent sales.

The latest to go on the market is a retail freehold located at Armadale in Melbourne’s inner east.

Savills Australia opened up expressions of interest for the sale of the 941-951 High Street property expecting it would fetch more than $5.5 million. It came with a May 18 deadline, but sold within days of its listing.

It will be sold subject to a short term leaseback to antiques retailer, Capocchi.

Occupying 809 sqm, the commercial 1 zoned site comprises a single-level retail building.

The listing agents are Savills’ Nick Peden, Clinton Baxter, Jesse Radisich and Benson Zhou.

"Its position in High Street Armadale is regarded as Melbourne’s most high profile, luxury shopping strip – opposite Armadale Railway Station, and within close proximity of Glenferrie Road retail and Malvern Central Shopping Centre and some of Melbourne’s best schools,” said Baxter.

Peden described the property as a prime opportunity because of its development potential and being located in one of Melbourne’s most affluent suburbs.

“This is one of those opportunities that comes up very rarely presenting an extraordinary investment as it is, but then also offering significant redevelopment potential given the zoning and the resounding success of other development ventures in the precinct,’’ he said.

Recently, a restaurant in Armadale sold at auction for $1.22 million through Ray White Commercial Oakleigh. 

The 857 High Street property is leased to Zia Rina’s Cucina. It fetched a yield of 3.46 percent and sold $120,000 over the vendor’s reserve.