A collection of 11 strip retail shops along the popular Burgundy Street, Heidelberg, is being offered to the market with expected interest levels in excess of $9.5 million.
CBRE’s Mark Wizel, Lewis Tong, Nathan Mufale and Jing Jun Heng along with Miles Real Estate’s Paul Evans and Tim Mitchell have been conjunctionally appointed to sell the 1,000sqm holding known as ‘Burgundy Plaza’.
Burgundy Plaza is located on a corner allotment with major frontages along Burgundy Street and Cape Street, and sits just 12km north east of the Melbourne CBD.
The collection of retail shops and first floor offices benefits from major exposure to Burgundy Street and boasts a significant Commercial Zoned 1 landholding, suitable for long term mixed-use development. The complex also consists of 31 rear car spaces.
CBRE’s Lewis Tong said the property represents an exciting retail opportunity with holding income and strong future development upside.
“The site’s central location within a thriving retail hub, surrounded by a large catchment area and its proximity to an abundance of amenity including Austin Hospital provides unparalleled flexibility for a wide range of investors and developers,” Mr Tong said.
“We have witnessed a number of successful development projects that are capitalising on the unprecedented house-price growth within the north-eastern corridor, which currently stands at $1,195,000.”
The most recent development is ‘Heidi Apartments’, a 52-apartment development spanning across 8 levels, excluding ground floor retail - a significant development for the otherwise low-rise Burgundy Street retail strip.
Paul Evans of Miles Real Estate, who is the longtime managing agent of the property, added: "Burgundy Plaza offers investors a diversified opportunity with a mix of 11 retail and 2 office tenants, including Domino’s Pizza, Peak Cycles and more; returning a total north of $400,000 per annum."
The site is being offered for sale via International Expressions of Interest closing in October.
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