Melbourne’s inner-east continues to attract commercial property activity throughout the COVID period, with $9.5 million worth of freeholds selling along Camberwell Road in a matter of weeks.
In the latest deal, Chris Kombi and Chris James of Fitzroys sold a former restaurant premises close to the Camberwell Junction for $3.5 million to a local developer, during the Stage 4 lockdown period.
Zoned Commercial 1, the vacant 455sqm property at 169 Camberwell Road, Hawthorn East was offered with a fitted 430sqm restaurant building, and also offered potential to subdivide the building into two tenancies with a separate second entrance from Stanley Place.
The deal followed Fitzroys Director Paul Burns' sale of the new Melbourne office headquarters of Epson Australia at 90 Camberwell Road for $6 million, at a tight 4.65% yield.
Kombi said 169 Camberwell Road’s three street frontages, quality existing improvements and location in the popular Camberwell Junction precinct led to enquiry from a broad range of buyer types, including investors, owner occupiers and developers.
Kombi said the purchaser is assessing options for a commercial development.
“COVID-19 has placed a higher premium on excellent local amenity from residents, businesses and employees, the Burke Road retail and lifestyle strip and Camberwell Junction precinct is the shopping and lifestyle heartbeat of Melbourne’s inner-east.”
“Accessibility and lifestyle amenity have become key drivers for owner occupiers and businesses looking for new locations, and there has been greater enquiry and activity within the CBD fringe and inner-suburban markets such Boroondara in recent months.”
The property is next door to Dan Murphy’s and close to a number of established eateries. At the rear is a large public car park with activation to Camberwell Place, which incorporates Coles Supermarket, JB Hi-Fi, Dymocks, Liquorland, Goodlife Health Club together with various specialty shops. The iconic Rivoli Cinemas is located opposite.
James said the property is strategically situated within the Camberwell Road growth corridor.
“The local lifestyle offering has attracted numerous medium and high-density commercial and residential projects that are soon to be completed, which in turn is adding to the strong immediate catchment and boosting retail and hospitality trade.”
Major projects close by include the $175 million mixed-use, dual tower Camberwell Village, and Chinese development giant Dahua Group’s Hawthorn Park.
“The inner-east has further enhanced status as one of Melbourne’s most highly-regarded locations for investors, developers and owner occupiers,” James said.
Fitzroys has recently sold $26 million of commercial property around the Camberwell Junction and Burke Road precinct across a range of asset types. That has also included the dual-fronted retail freehold at 628 Burke Road for $4.28 million, and the Commonwealth Bank branch and office at 735-737 Burke Road for $12.06 million at a sharp 3.5% yield.