Merri-bek, Hume walkway shops sell
Four small shops – also high profile entry-level commercial real estate investments – in popular local retail hubs north of Melbourne sold at auction this month.
In Broadmeadows, three adjoining assets in the Olsen Place walkway traded on 5-5.5 per cent yields. The lettable area was priced between $5161-$6296 per square metre.
Shop 17, in the middle, fit out with two tenancies, and on the biggest land, just (193 sqm) fetched the highest price – $510,000 at auction.
Number 19, meanwhile, on 192 sqm, collected $508,000 while #15, on 188 sqm and returning the lowest annual rent ($23,885), traded for $480,000.
Broadmeadows, classified for more than two decades by state government planning departments as a major metropolitan activity centre, and part of the Hume council, is 15 kilometres north of Melbourne’s CBD.
Bonwick Street store fetches $900k
Meanwhile at the Bonwick Street retail precinct in Fawkner, about three kilometres east of Olsen Place, a newsagency and general store backed asset sold for $900,000 – a 4.4 pc yield (story continues below).
Offered for the first time since 1979, the 175 sqm space is leased until 2032.
After that, the 180 sqm corner plot could be considered to have development upside, zoned Commercial 1 and 700 metres from Gowrie train station.
Gray Johnson’s Rory White and Anthony Boldrini were the agents.
Fawkner is 12 kilometres from the CBD, in the Merri-bek council area.
Gross Waddell’s Alex Ham and Michal Gross marketed 15-19 Olsen Pl.
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