Melbourne’s famous dining and lifestyle strip of Lygon Street, Carlton is set for a rare retail property auction, with a versatile gem in a high foot traffic location going under the hammer later this month.
Fitzroys’ Chris Kombi and Ervin Niyaz are marketing 223 Lygon Street, with the auction set for Thursday, 28 November at 12pm on-site.
Expectations for the vacant 2-storey 165sqm building are in the mid $1 millions range. The campaign marks the first time in 53 years the property has been made for sale.
The versatile property comprises ground floor retail and first floor office, and is on 113sqm of freehold land with rear access via ROW.
“This is an ideal opportunity for occupiers to establish a presence in a high foot-traffic location within arguably Melbourne’s most famous dining and lifestyle strips,” Kombi said.
“Investors can gain a foothold in a lifestyle precinct that has a new lease of life - the return in earnest of Melburnians dining out has supportied the eclectic wave of new restaurants, eateries and bars opening up, complementing the traditional Italian classics, as well as popular national and local traders.”
He said the property is the property is in a vibrant precinct immediately surrounded by highly-regarded retailers including ANZ, Commonwealth, NAB and Bendigo Bank, Hairhouse Warehouse, Vintage Cellars and an array of popular eateries such as Papa Gino’s, Zeus Street Greek, Café Corretto, Copperwood, Johnny’s Green Room, Vince & Sams, DOC, Donnini’s and many more.
“This is a very tightly held part of Melbourne. Lygon Street has come back from COVID in a big way, which has brought huge confidence about the investment credentials and trade prospects of the strip,” Kombi said.
Vacancies on Melbourne’s most famous dining strip are close to their lowest in years as Melburnians again embrace dining and eating out, tourists return in bigger numbers, and students come back to university. According to Fitzroys’ most recent Walk the Strip report, vacancies on Lygon Street have come down from 20.0% in the depths of COVID to now sit at a healthy 7.5%.
Niyaz said the return of local and international students to Melbourne’s nearby education precinct close by has also underpinned the return of trade along Lygon Street, and the rapid transformation of Carlton to accommodate and encourage student and residential apartment developments will further enhance its viability.”
Lygon Steet, Carlton is close to major education and health providers including University of Melbourne, RMIT, Royal Melbourne Hospital and St Vincent’s Hospital.
Niyaz added, “Good accessibility is a key predictor of the performance of shopping strips. Lygon Street has excellent tram and bus connections and there are also exceptional public car parking options close by, including the Elgin Street public car park providing over 200 car spaces. In a huge step, the brand-new Parkville Station is set to open up in 2025 within walking distance from Lygon Street, as part of the Melbourne Metro Tunnel project.”