High Street retail strip shop listed for December auction

A private Melbourne investor has put a portfolio of five strip retail properties, across the suburbs of Richmond, Malvern, Armadale and Hampton, on market including a large High Street corner block.

Located at 1276 High St, Armadale (pictured below), the property comes with a lease expiring in 2022 with two, five year options at $98,711 per annum net. 

The auction is set for December 13.

Michael Ludski, one of the agents marketing the portfolio said Teska Carson had sold 19 strip retail assets worth more than $36 million on an average 3.55 per cent yield this year.

“Most of our sales this year have gone to local investors with local knowledge and a keen sense of where the market is likely to sit in a few years’ time as Melbourne gradually approaches Sydney’s population mantle," he said.

He says that there has been an "enormous spike" in enquiry for retail strip and strata commercial assets in the sub $5 million range over the last few months.

The properties, all leased and zoned Commercial 1, include:

128A Bridge Rd, Richmond – auction December 12 at 1pm on site, new two year lease with a two year option at $30,000pa net with 4% increases;

172 Bridge Rd, Richmond – auction December 12 at 12pm on site, leased to Sportsgirl at $94,759pa net (pictured above);

210 Glenferrie Rd, Malvern - auction December 13 at 12pm on site, leased to Foxes Den, which has four Melbourne outlets, at $100,981pa net;

401 Hampton St, Hampton - auction December 14 at 1pm on site, leased on a three year term with a three year option at $40,351pa net;