An ultra-rare trophy investment opportunity in Melbourne’s blue-chip suburb of Brighton, close to the high-performing Church Street shopping strip, is going to auction, also presenting as Bayside’s ultimate landbank.
Fitzroys’ Mark Talbot, Shawn Luo and Tom Fisher are marketing 28 Carpenter Street, which is being offered for sale for the first time in 45 years, and will go to auction on Thursday, 15 September at 1pm on-site. The property is owned by the Estate of Tony Nanfra, a local businessman and previous President of the Rotary Club of Brighton.
Expectations are of $6.7 million-plus for the property. It comprises a 504sqm immaculately presented double-storey building, on a large 589sqm landholding with a wide 15-metre frontage in the heart of the blue-ribbon suburb’s major retail and lifestyle precinct, just metres from arguably Australia’s best-performing shopping strip, Church Street.
The building is fully leased to three long-standing quality tenants in Dorevitch Pathology, Buxton Real Estate and dentist Lifestyle Smiles with options through to October 2033, returning $257,833 per annum plus outgoings and GST.
“This offers a secure, consistent cashflow from three excellent tenants at a time of sharemarket and residential market volatility,” Talbot said.
The site is zoned Commercial 1 and has a highly flexible Design and Development Overlay, providing a magnitude of future redevelopment outcomes.
“The site presents as Bayside’s ultimately landbank opportunity. Favourable zoning offers the ultra-rare opportunity to acquire a sizeable landholding in the immediate proximity to arguably Australia’s best-performing shopping strip, and the purchaser can enjoy a reliable cashflow while assessing its excellent long-term potential,” he said.
According to Fitzroys’ forthcoming Walk the Strip report, Church Street again retained the lowest vacancy rate of Melbourne’s iconic shopping strips in 2022, at an ultra-low 0.7%.
28 Carpenter Street is 60 metres from some of Australia’s most popular fashion and lifestyle retailers, close to both Woolworths and the iconic Dendy cinema complex, and sits amongst leading retailers including Scanlan & Theodore, Mecca, Witchery, Kookai, and major banks.
Fitzroys recently negotiated the $16.2 million sale of 71-73 Church Street & 36 Carpenter Street, reflecting a remarkably high land rate of $17,363 per sqm and building rate of $16,480 per sqm. The fully-leased building is home to global sportswear giant Nike, national footwear retailer Ecco, popular bakery Laurent, and office tenants White Fox and 2 Construct.