A top-shelf corner investment has hit the market, in the form of a Brighton Road, Elwood property with a new lease to Coles Group’s Vintage Cellars.

Fitzroys’ Mark Talbot and Lewis Waddell are marketing 111 Brighton Road, on the corner of Milton Street, on behalf of a private owner.

The property goes to auction on Wednesday, 16 April at 12.30pm on-site. Expectations are of $2.75 million-plus.

It comprises a 390sqm two-level brick building incorporating an open-plan ground floor retail offering and separate spacious first-floor three-bedroom, two-bathroom renovated apartment, on 376sqm of land with nearly 43m of combined frontage to Brighton Road and Milton Street.

Vintage Cellars, part of retail giant Coles Group, has been at the site since 2014 and recently renewed its lease for another five years, with three further terms of five years each, currently returning $114,403 per annum plus GST.

Coles Group is one of Australia’s largest grocery retailers with an extensive national supermarket and liquor store footprint. Vintage Cellars is currently undergoing a rebrand of its stores to trade as Liquorland, including 111 Brighton Road, Elwood.

“Investors will note the excellent tenancy covenant, with a newly renewed secure lease generating a strong income, and Vintage Cellars to be rebranded soon to Coles Group’s flagship liquor retailer Liquorland,” Talbot said.

The first-floor apartment at the property returns $41,448 per annum from a monthly agreement, for a total current rent of $155,851 per annum plus GST.

“Elwood is a highly desirable bayside suburb. This property presents the opportunity to acquire a strongly-trading asset on a high-exposure corner location with favourable Commercial 1 zoning, allowing for versatile future use and development potential,” Waddell said.