Elsternwick retail investment hits the market for the first time in 50 years

An Elsternwick retail investment with potential development opportunity has been listed.

It’s the first time in 50 years the property has been offered for sale.

The 614 square metre property at 1-3 Horne Street has 20 metres of frontage to Glen Huntly Road.

The listing is being handled by CBRE’s Rorey James, Julian White, Nic Hage and JJ Heng.

James said the offering was an attractive proposition fro investors looking for a development prospect.

“This is an exciting opportunity given the asset has been held by the same family for 50 years,” James said.

“The property is well-connected via public transport and is near substantial retail amenity, including the proposed Woolworths development.

“These investment fundamentals should be a very attractive prospect for all buyers.”

Mr White, State Director of CBRE Victorian Development Sites, noted: “We expect solid interest from investors who see value in the three retail shops, together with occupiers wanting to capitalise on this substantial landholding.

“The flexibility of the existing improvements and income allows the site to be land-banked, and we anticipate this will appeal to developers who are taking a long-term position on the market.” 

The site will go to auction onsite on Wednesday December 12 at 12.30pm.