A substantial and prominent two-level building in Brighton has sold for $4.75 million as investors, landbankers and developers continue to be drawn to the blue-chip suburb.
Fitzroys’ Mark Talbot and Tom Fisher sold 112a-114a Martin Street on behalf of the Natilli and O’Neill family, who first purchased the land and later constructed the building.
Talbot said the purchaser is a landbanker with a long-term development view.
The sale price represented a sharp passing yield of 3.2% and a solid land rate of $6,241 per sqm.
The property comprises a two-level building with ground floor shops, separate first floor offices and an abundance of on-site car parking, on a 761sqm site with an extensive frontage of 12.19m to Martin Street. Zoned Commercial 1, the site has an attractive development overlay promoting four to five levels.
“We had more than 70 enquiries from investors, landbankers and developers looking to gain a presence in a rapidly developing part of one of Melbourne’s most highly sought-after suburbs,” Talbot said.
“The property’s landbanking credentials were further underpinned by its exceptional development potential and rear road access entered from Martin Street.”
The shopping village of Martin Street, Brighton, is home to a number of established national and local tenants including 7-Eleven, Cellarbrations, Icare Pharmacy, TAB and Foodworks Supermarket, as well as renowned hospitality operators including Sons of Mary, St Martins Café, and Bensons on Martin.
“Like elsewhere in Brighton, the retail strip enjoys minimal vacancies and a strong level of foot traffic, being ideally placed in one of Melbourne’s most established and affluent catchments,” Talbot said.
“While Church Street and Bay Street usually grab most of the attention in the suburb, Martin Street has emerged as a strong growth prospect in one of the most prized locations in Melbourne.”
He said well-located properties in neighbourhood villages are highly prized by investors, developers and landbankers and are trading on tight returns.
“Particularly during a time in which flexible working arrangements are in vogue, highly accessible sites close to quality lifestyle and hospitality amenity are sought after for their development prospects, noting the property benefits from access via Nepean Highway, as well as Gardenvale train station.”
The immediate surrounds have seen a number of recently completed mixed-used developments as well multiple upcoming projects including Moda by Mckimm, Martin Brighton, and The Warriston.
Fisher said the growing presence of medium and high-density developments continues to bolster the catchment of what is traditionally a low-rise suburb, further driven by the presence of a number of highly sought-after private schools.