Six tenancies across three side-by-side address in East Kew’s best retail location are on the market in an unprecedented opportunity for retail investors and developers.
Colliers International’s Jeremy Gruzewski, Hamish Burgess and Ted Dwyer have been appointed to sell 605-613 High Street, 1-3 Stratalbyn Street and 31 Valerie Street in Kew East in one line by public auction on Thursday June 25 at 11 am.
“This offering is a truly unprecedented and exceptional investment and redevelopment opportunity,” Mr Burgess said. “A corner offering such as this with approximately 50m of frontage to one of the inner east’s highest profile corners rarely presents itself.
“With combined lease expiries culminating over a six month window in 2019, with no further options, the property provides multiple future outcomes including redevelopment or repositioning.”
The substantial 688sqm landholding comprises a two-storey commercial building currently home to five retail shopfronts and a first floor office/residence. Its location high on a hill has also made it ideal for ancillary income from telecommunication towers, of which there are currently two on the first floor roof.
“This is a prime property in one of Melbourne’s best suburbs and whilst it represents a great passive property investment, substantial value could be added in the future,” Mr Gruzewski said.
“We believe there is substantial opportunity for the property to generate significantly higher income should an incoming purchaser undertake to refurbish the building as the leases finish and command a higher rental from new tenants or extend/develop upstairs to offer additional office and/or residential space.
“There is also a unique opportunity for the property to be completely transformed into a high-end residential development at the completion of the current leases.
“The large land holding of creates a strong footprint, while the flexible Commercial 1 zoning will allow height. Three street frontages and an additional rear lane would provide ample natural light and the overall position high on the hill will ensure uninterrupted views from future apartments.”
Mr Burgess said the prestigious location was a highly sought after residential address, with a distinct lack of apartment stock in the area.
“The property is located at a northern corner of High Street and Valerie Street, about 10km from the Melbourne CBD,” he said. “Kew East is an affluent and highly sought after suburb, with an abundance of surrounding transport, retail, recreational and educational amenity.”
The subject property has a tram line at its doorstep and provides easy access to the Eastern Freeway.