Demand for retail shop and dwelling properties continues to be strong in Melbourne’s bayside suburbs. Leading commercial agency, Nichols Crowder has just reported two more sales in the popular retail areas of Glen Huntly and Beaumaris.
According to selling agent James Glen, “The low interest rate environment is attracting investors to both leased and vacant properties, in particular shop and dwellings. Last year, developers were buying attached shops with the intention of going up and adding a dwelling or two. This year, however, we’ve seen investors returning to the market and snapping up these prime, no fuss shop and dwelling sites.”
Offered for the first time in 94 years, 1167 Glenhuntly Road, Glen Huntly was put to the market. The property featured a tenanted café downstairs and a well-appointed 3 bedroom dwelling spread over two levels. This charming shop and dwelling was purchased by an investor for $1.2 million, representing a total potential return of 4.4%.
Also purchased by an investor was a brilliantly designed shop and dwelling at 481 Balcombe Road, Beaumaris. Featuring a presentable ground floor shop / office with off-street parking, and a modern 2 bedroom apartment upstairs, this well-located property was purchased vacant possession for $995,000. The new owner is likely to lease out both levels to create a secure, long-term investment.
Glen continues, “The Bayside residential rental market remains very strong, and well-located shops are attracting tenants for both retail and office use. Vacancy is not an issue for investors, who are confident in gaining quality, long-term tenants in these popular shopping strips. The flexibility of a ready-to-go shop and dwelling enables investors to diversify their investments, which is contributing to the current strong demand”
Sales & Leasing Executive
358 South Road
Moorabbin VIC 3189