Entry-level retail investment properties in Port Melbourne up for auction

Two adjoining, strata-titled, retail properties at Port Melbourne are to be auctioned off on June 9 through Teska Carson.

Located at 350-352 Bay Street, the two single-level, self-contained shops are between Spring and Bridge streets. The site is zoned Commercial 1.

The 58 sqm, 350 Bay Street, property is suitable for a variety of uses including office accommodation and food/hospitality subject to council approval.

The property was previously owner-occupied as an art gallery.

The 352 Bay Street property is also 58 sqm and is currently leased to hair salon operator Lovalola. 

According to marketing agents, Teska Carson’s Anthony Choi and Michael Ludski, the property will be sold subject to a monthly lease over 352 Bay Street at $2,127 per calendar month plus outgoings & GST, while 350 Bay Street is vacant.

Choi said recent comparable lease transactions nearby point to retail rental rates of circa $500 to $550 per sqm.

He said the entry-level acquisition opportunity offered the buyer the flexibility to be an owner-occupier or invest within the tightly held Bay Street retail precinct.

"The immediate area is experiencing continuous growth due to a number of high profile residential/mixed-use developments within close proximity, and is an excellent metric for rental and capital growth in years to come,’’ Choi said.

He said the property is in one of Melbourne’s sought after bayside locations and is well serviced by public transport.