Retail property investors have sought a historic offering in Melbourne’s growing eastern suburbs, looking to secure well-located shopping strip assets with solid fundamentals.

Fitzroys agents Jordan Ceppi and Chris Kombi sold the two-level shop and office building at 199 Stud Road, Wantirna South for $1.65 million, at a tight blended yield of 4.6% yield, on behalf of a local family.

The campaign marked the first time in half a century that the versatile freehold was offered for sale.

Prominently positioned within the highly popular Studfield shopping precinct, the high-profile, two-storey building of 340sqm comprises a ground floor shop and separate first floor office, on a 211sqm site with a wide frontage and excellent rear access.

Kombi said the sale price also reflected a very high land rate for the area of $7,800 per sqm.

“More than 80 enquiries were received during the campaign, which showed the pent-up demand for well-located retail strip property in Melbourne’s eastern suburbs,” he said.

He said a local investor purchased the property, attracted to its versatility, and positioning within a popular retail strip with main road exposure and a growing catchment.

“Long-established and very tightly held, thriving Studfield is home to a number of well-regarded tenants, and will benefit from increasing demand for retail, services and food and beverage as a result of strong population growth in the area.”

Studfield’s tenancy mix includes IGA, Commonwealth Bank, Cellarbrations, Brumbys Bakery, Australia Post, H & R Block, Ray White, Professionals, Barry Plant and Pharmasave Pharmacy.

According to population and demographic research firm .id, Wantirna South is currently experiencing a high population growth rate, at 2.49% last year.

Ceppi said the property is positioned on an excellent main road location with exposure to thousands of cars daily, and ample public car parking options surrounding the property. It is also a short distance from Westfield Knox Shopping Centre, which brings a large number of shoppers to the area each day.

The location also offers excellent access to a network of arterial roads including Burwood Highway, Eastlink, Boronia Road and High Street Road, and convenient public transport facilities nearby.