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Hawksburn retail offered first time in 60 years

Property Markets / Planning, Zoning, Infrastructure

Australia

Feb 02 2018

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Teska Carson (9421 7000) is marketing an outstanding retail investment opportunity within the  very tightly held Hawksburn Village, at Toorak in Melbourne’s inner east. The property will be auctioned on Wednesday, February 28 at 1pm on site.

The 553 Malvern Road property comprises a 75 square metre single level retail premises with a commercial kitchen, cool room, rear access via a right of way, and on-site parking (and access to Woolworths car park) on a 217 square metre site zoned Commercial 1 with 4.4 metres street frontage. 

Anchored by a Woolworths supermarket, Hawksburn Village retail precinct boasts a number of national retailers and some of Melbourne’s finest eateries. The store is currently let to well-known and long-standing retailer Seafood on Malvern, returning $59,100 per annum on a ten year term from March 2017 with annual CPI increases.

According to marketing agents Teska Carson’s Tom Maule and Michael Taylor, Hawksburn Village - which is situated within prestigious Toorak where the median house price is $4.9 million -  is one of Melbourne‘s most highly prized retail strips. 

``This property sits within arguably one of Melbourne’s most coveted, well patronised and best performing retail shopping strips. 

``Not surprisingly the village has a very low vacancy rate with strong demand for any vacancy.

The fact that 553 Malvern Road is being offered for the first time in 60 years underlines just how sought after and tightly held properties in this precinct are,’’ Mr Maule said.

Mr Taylor said the superb location, the secure ten year lease to a long standing tenant, and the precinct’s strong growth potential provided prospective purchaser’s with enviable investment credentials.   

``There is no doubt that the inner eastern suburbs have been a favorite destination for retail strip investors, and this precinct, with its historically low vacancy, exposure to a very high-income local population, and increasing residential demand, has been at or near the top of the list,’’ Mr Taylor said.

He said the property’s key attributes included: 

•Superb location;

•Excellent exposure;

•Tightly held precinct;

•Secure long term lease;

•Strong growth prospects; and,

•On site parking

 

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