toorak
Fitzroys is managing the sales campaign for the asset. Image Supplied.
  • Currently leased by ANZ
  • Zoned Commercial 1
  • Toorak is arguably Melbourne's most affluent suburb

A retail asset along Toorak Road, currently tenant by ANZ and located in the middle of Toorak Village, is on the market.

This is the first time the property at 438-440 Toorak Road has been listed for sale in over 30 years.

Currently, ANZ’s lease returns $329,000 annually with fixed annual increases of 3%.

The site is also currently zoned Commercial 1 and is located across Vicland’s $6000 million Village Way commercial redevelopment, which will include over 10,000sqm of premium office space over eight levels.

Toorak, one of Melbourne’s most affluent suburbs, currently has a median house price above $4 million.

The expression of interest campaign for the property is being managed by Chris Kombi, Chris James and Shawn Luo from Fitzroys.

Mr Kombi said the opportunity was unique given Toorak’s affluentness in conjunction with many nearby national and local retailers.

“The supply-constrained nature of Toorak Village and the strong demographic fundamentals place Toorak Village in an enviable position,” Mr Kobi Said.

“More Toorak residents are becoming downsizers and seek to remain in the exclusive postcode, which is also attracting residents from the surrounding suburbs, further strengthening the immediate catchment.”

“Melbourne’s shopping strips have demonstrated their resilience over the past year, and opportunities to acquire high-quality properties in the prime of these strips have been rare.

“Local neighbourhood strips been the setting for Melburnians to reconnect with their local communities, particularly as working from home becomes more widely practised.”

The Expression of Interest campaign will end on Wednesday 5 May.

You May Also Like

Seashells to operate Middleton Beach Hotel

Seashells Hospitality Group have been announced as the operator for the 80 plus room facility…

Vicinity Centres value down $570M following six-month decline

Retail property posts lower valuation following tough pandemic lockdowns…

Quay Quarter reaches 85% pre-commitment rate a year prior to completion

Despite being a year out from completion, 85 per cent of AMP’s Quay Quarter has been pre-committed by tenants..