1289 Nepean Hwy, Cheltenham
Thursday 8th December at 12noon on site
The upcoming auction of 1289 Nepean Highway, Cheltenham, will appeal to investors, owner occupiers and developers. Set on 555m2, the single-level building is currently being leased out on a short-term basis, providing a solid return for investors. The property is located in the Cheltenham Major Activity Centre, which outlines plans for future growth and development in the local area, and provides opportunities for developers and owner occupiers.
Recent sales along Nepean Highway highlight its popularity and diversity:
- 189-199 & 201 Nepean Highway, Mentone, sold for an undisclosed price (over $2,000m2 above land value) to a local developer. The site will be developed as multi-level apartments adjoining Thrift Park Shopping Centre, which has a Woolworths and speciality shops.
- 819A Nepean Highway, Bentleigh, sold to an investor for $535,000 showing a yield of 3.5%
- 143-145 Gardenvale Road, Gardenvale (corner of Nepean Highway) sold after auction to an investor for $1.68 million, showing a yield of approximately 5%. The building has three different tenancies of various lease periods.
The popularity of Nepean Highway with retailers, caryards, showrooms and multi-unit residential apartment developments is set to continue. As the main thoroughfare connecting Melbourne’s Bayside suburbs to the CBD, it carries between 50,000 and 80,000 cars daily. These high traffic flows and the exposure from Westfield Southland shopping centre add to the appeal of 1289 Nepean Highway.
1289 Nepean Highway, Cheltenham is being auctioned at midday on Thursday, December 8, 2016. For more information, please contact Julian Vautin on 0420 406 660.