Leased retail space in Melbourne's Sandringham up for auction

A retail property in Melbourne’s south-east bayside suburb of Sandringham is set to go under the hammer on September 20 with price expectations of more than $750,000.

The shop at 1/36 Station Street forms part of a three-level building comprising two levels of apartments.

The ground floor shop is utilised as a professional office suite and includes a reception area, two partitioned offices, boardroom, kitchen/amenities area, and a bathroom.

The shop is close to public transport and other amenities.

The 106 square metre retail space is being marketed by Teska Carson’s Luke Bisset and George Takis.

The property will be sold subject to a lease to Low Development Group, and currently returns $38,935 per annum. A market review in November is expected to increase the rent to $39,500 per annum.

Bisset said the tightly held, vibrant, bayside location provided the property with strong potential which would continue to see strong capital growth. 

Takis said Melbourne’s nation leading population growth, particularly in the coveted bayside suburbs, was an additional driving force that would continue to provide prospective purchasers with opportunities.