- 580 Burke Road, Camberwell up for auction
- Property will be marketed by Fitzroy agents on behalf of private owners
- Successful asset is located in the heart of the Burke Road shopping strip
A securely-leased asset located on the famous Burke Road shopping strip is going up for auction, with what is expected to attract a lot of attention in a resilient Melbourne commercial market.
580 Burke Road, Camberwell will be marketed by Fitzroys agents Chris James and Chris Kombi on behalf of private owners that have held the property since 1977. It is located close to 751-753 Burke Road on a long-term lease, which Fitzroys sold for $7.55 million in their first auction of 2021.
The asset is a dual-fronted 344 sqm freehold on a 361 sqm site with street frontages to both Burke Road and Market Place, which provide access to the major car park, Camberwell Fresh Food Market, and the hospitality precinct.
The property has been highly successful in the past, delivering returns of $289,230 per annum net. National apparel tenant Witchery, part of Country Road Group has shown confidence in the location, extending their lease last year.
Mr Kombi said there have been very few high-quality, well-located properties within Melbourne’s shopping strips offered for sale over the past 12 months.
“The security of bricks and mortar assets has become even more highly sought-after during the COVID period and in the ultra-low interest rate environment.
“Well-located Melbourne retail and commercial property with strong tenancy profiles and long-term leases present among the best examples of these investments.”
Chris Kombi, Fitzroys agent
Mr James said Melbourne’s shopping strips have demonstrated their resilience over the past 12 months.
“Local neighbourhood strips have been the place for Melburnians to reconnect with their local communities – to have a coffee, catch-up with friends, or to break up the day and go shopping, particularly as working from home becomes more widely practiced.”
Chris James, Fitzroys agent
In addition to the prime location, the asset will be further enhanced by future residential and commercial developments such as Camberwell Village, Hawthorn Park, and Elmington.