- Currently leased out to international retailer Oroton
- Fitzroys are marketing the sale, labeling Church Street as blue-ribbon shopping strip
- Fitzroys was responsible for last auction retail sale along Church Street, back in September 2019
Brighton, an affluent coastal suburb 11 kilometres south-east of Melbourne, is set for its first retail auction along the Church Street shopping strip since the pandemic began.
13 Church Street – recently released to Oroton, an international retailer that currently has 49 stores across Australia and Asia– is set for an auction on Thursday 27 May.
The property was built by the owners 60 years ago.
Mark Talbot and Tom Fisher of Fitzroys have been tasked with marketing the sale, with Mr Talbot labelling Church Street as one of the most secure locations for retail and commercial property in Melbourne.
“This is a genuine generational chance to secure a retail investment in the absolute prime of a blue-ribbon shopping strip,” Mr Talbot said.
“Well-located bricks and mortar assets with secure leases have become more highly sought-after during the COVID period, and in the ultra-low interest rate environment that the Reserve Bank has flagged will remain for some time.”
Mr Talbot had been responsible for the last auction sale along the retail strip, which was the NAB branch at 35 Church Street. This sold in September 2019 for $6.105 million, representing a yield of 3.5%.
The Fitzroy team expect both local and offshore enquiries for the site, given Australia’s relative success in handling the pandemic.
The local Brighton area has been home to many new medium-density residential development with the suburb also homing several highly sought after private schools.
“Church Street, Brighton consistently presents the strongest fundamentals for retail property investments, retaining its reputation as Melbourne’s best-performing suburban retail strip, and perhaps Australia’s,” said Mr Fisher.
“The strip has continued to perform strongly during the COVID period, given its tightly-held nature, excellent tenancy mix, constrained supply, and positioning within one of Melbourne’s most affluent and established consumer catchments.
“There remains a long queue of retailers and operators seeking space in Church Street.”