A dual-tenanted Burke Road, Camberwell freehold anchored by national retailer Frankie4 is going to auction in early August, in what will be another early test for Melbourne’s prime shopping strip investment market for the new financial year.

Fitzroys’ Chris James and Ben Liu are marketing 626 Burke Road, Camberwell which will go to auction on Friday, 9 August at 12pm on-site.

Around $4 million is expected.

The dual-fronted 261sqm freehold features a new six- and five-year leases to established tenants, with national footwear brand Frankie4 occupying the Burke Road tenancy, and the rear Market Place tenancy leased to Lucky Well Tattslotto. Total return is $205,252 per annum plus GST with all usual outgoings recovered.

The property is on a premium landholding of 261sqm, in an incredible position surrounded by national tenants including Mecca Cosmetics, Telstra, Kookai, Sheridan and all major Australian banks.

The frontage to Market Place provides additional activation to amajor car park, Camberwell Fresh Food Market and a bustling hospitality precinct with Laurent, M.O.B. Café, Woodfrog Bakery and more.

“Well-located Melbourne shopping strip assets with secure leases to quality tenants represent excellent buying at a time of share market and residential market volatility,” James said.

“Very few Burke Road, Camberwell assets in the prime of the famous strip have been put to the market in recent years.

“The new long-term leases from quality tenants are a big show of confidence in the location and the trade prospects of Burke Road, Camberwell.”

Liu said Burke Road, Camberwell has been the beneficiary of medium and high-density development in recent years, which has boosted the established, affluent catchment and underpinned trade. He noted the council activity is promoting further developments on and around Burke Road and Camberwell Junction.

A new 12-storey residential building has just been given the green light by the City of Boroondara at 699 Burke Road, which will bring 36 new apartments to the strip. The Council also has a plan allowing for more higher-density residential development around Camberwell Junction that would deliver 1,500 new apartments housing 3,500 new residents to 2051.

“This ongoing development will provide yet further support for trade and activity along Burke Road over the long-term,” Liu said.