- Cavalier is the longest-running shop on Burke Road, where Bert Newton was once dressed
- Two-level, 234sqm building on a 253sqm site is up for sale at auction
- Cavalier has signed a new 5+5 year lease at $115,000pa plus outgoings
Established in 1955, Cavalier is the longest-running shop on Burke Road, Camberwell, once the place where TV stars such as Bert Newton were dressed. The building is now up for sale.
The retailer made a presence in living rooms across Australia through Bert’s outfits in the halcyon days of the silver screen, namely The Graham Kennedy Show, The Don Lane Show, New Faces and Celebrity Squares from the ‘sixties through to the ‘eighties.
The two-level, 234sqm building is on a 253sqm site in a prime location on the famous
shopping strip, next door to Mecca Cosmetica and surrounded by leading retailers including Sheridan, Telstra, Decjuba, Laurent, and Smiggle.
Cavalier won’t be going anywhere anytime soon. Burke Road, Camberwell has performed strongly throughout the challenges of COVID, according to Fitzroys’ latest Walk the Strip report, and the retailer has thrown its confidence behind the shopping strip in signing a new 5+5-year lease at $115,000 per annum plus outgoings.
“Well-located bricks and mortar assets with quality lease covenants offer secure income-producing investments, highly sought-after in the COVID period and ultra-low interest rate environment.”
David Bourke, Fitzroys
This is the fourth prime Burke Road asset put to the market this year by Fitzroys.
“Vendors are recognising the pent-up demand that has built over the past 18 months due to a dearth of high-quality commercial property investment opportunities, and there is huge volume of capital waiting to be deployed on income-producing assets with secure leases to quality tenants,” Mr Bourke said.
The previous sales have totalled $20.34 million at an average yield of 3.8%.