Bayside Melbourne shop with lease to Toni & Guy on the market

A modern three level retail and residential complex with basement parking in Melbourne's Bayside is on the market through Teska Carson with price expectations above $2 million.

The property, 10 Church Street, is on the south west corner of St Andrews Street and comprises a 122 square metre retail space and five car spaces.

It is sold subject to a brand new eight year lease to global hair salon chain Toni & Guy with a five year option. The hairdresser has leased the premises since 2003, at $95,245 per annum plus GST and outgoings.

The property will be auctioned on Wednesday, July 19, at 1pm on site, and is expected to fetch more than $2 million.

Michael Ludski, Teska Carson marketing agent, said the property represents an excellent investment opportunity in a prime retail precinct with exceptional growth potential.

"In recent years Brighton has emerged as one of the most sought after bayside residential locations with a multitude of developments taking place further enhancing the area’s strong retail and entertainment prospects," he said.

"Church Street, in particular, is renowned Australia wide for its broad cross section of retail offering and its intimate and cosmopolitan village atmosphere which attracts a large volume of visitors annually.

"The list of national retailers including Country Road, Witchery, Sportsgirl, Coles, Woolworths, CBA and ANZ, as well as Palace Cinemas, underlines just how well regarded this retail/commercial precinct has become."