High Priced Commercial Deals Point to Buoyant 2023

Truly a tale of two halves in 2022, Melbourne’s commercial property market looks as though it has begun 2023 on the right note.

After a covid-induced lull, private investment groups and Singaporean capital is beginning to re-emerge across the sector with a number of high-priced deals being completed in recent months.

One of those, a trophy investment on the corner of Centre Road and the Nepean Highway in Brighton East, attracting a boutique figure of $15,600,000.

Sold privately by agents David Garfield and Julian Vautin of Nichols Crowder, the transaction was one of the biggest Nepean Highway showroom deals to have ever been transacted.

Mr Garfield said that with a total building area of 2,282 sqm on a perfectly positioned 3,611 sqm of land, ‘The Good Guys’ leased property was an absolute flagship commercial asset.

“Offered on a long term lease with a net passing rental of $733,133.65 there was always a level of confidence associated with this offering,” he said.

“The Nepean Highway is one of the main thoroughfares between the Melbourne CBD and Mornington Peninsula. It’s known as the Golden Mile with a number of high profile locations providing unparalleled exposure to passing traffic.”

Mr Garfield said the opportunity attracted a number of interested parties, with a local investor eventually adding it to their already impressive list of Nepean Highway property holdings.

“Previously dominated by car showrooms, we are seeing large spaces along the Nepean Highway being repurposed to leisure or household related industries as consumers still want to touch and feel the product they are looking to buy.

“There’s certainly a level of confidence creeping back in to not only the eastern suburbs but the Melbourne commercial property market in general.

“Strong enquiry numbers and top level deals towards the end of last year and the beginning of this year indicate 2023 is sure to be positive one for the sector,” he added.

For further details contact:

David Garfield 0412 651 661
Julian Vautin 0420 406 660